Addison Lee owner puts London Uber rival up for sale
Cheyne Capital and Liam Griffin, the owners of Addison Lee, are working with the investment bank Jefferies on a potential sale of the ubiquitous minicab firm, Sky News learns.
Tuesday 2 July 2024 17:21, UK
The owners of Addison Lee, the London-based minicab firm, have begun exploring a sale of the company they took control of four years ago.
Sky News has learnt that Jefferies, the investment bank, has been hired by Addison Lee's majority shareholder, Cheyne Capital, to canvass interest in a takeover.
The process is thought to be at a relatively early stage and might not lead to a transaction, according to one insider.
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Addison Lee's potential valuation in any transaction is unclear.
The company, which transports about seven million people in journeys in the capital each year, was sold to Cheyne Capital's Strategic Value Credit arm and Liam Griffin, son of founder John, in 2020.
That deal came after a tussle for control involving Addison Lee's syndicate of lenders.
The elder Mr Griffin founded the business in 1975, and it became a ubiquitous presence on London's roads.
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His son said in an interview earlier this year that shifts in post-pandemic working patterns had contributed to a slowdown in revenues in the capital.
Addison Lee competes for business with ride-hailing apps such as Uber as well as the city's traditional black cabs.
A spokesperson for Addison Lee declined to comment.