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.
Election latest:
Starmer incredulous over latest Tory attack line
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.
Read more from Sky News:
How British firms help to keep Russian gas flowing into Europe
New free streaming service launched in the UK
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.
After the Federal Reserve’s monster 0.5 percentage point cut in US borrowing costs on Wednesday, it seemed strange that the Bank of England should sit on its
There has been no change to the UK interest rate despite the US and European central banks all moving to cut in the last week. The Bank of England
Next has said international tastes in fashion are “converging” as tech platforms expose consumers to international trends, boosting the retailer’s oversea