Addison Lee goes on sale for £390m

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Addison Lee goes on sale for £390m

February 9, 2019 Syndicated 0

Addison Lee drivers took part in a mass protest over fees outside Carlyle Group’s London offices in May 2016. Carlyle is seeking to sell its majority stake in the minicab company.
The American owner of Addison Lee is to put the London taxi group up for sale this year with a price tag of about £390 million.

Carlyle Group is seeking to sell its majority stake in Addison Lee, which it bought in 2013 in a deal that valued the company at about £300 million. Carlyle went on to invest a further £100 million in Addison Lee, so the private equity group could make a small loss on its investment.

Addison Lee operates the largest taxi service in London after black cabs and Ubers, with which competition continues to increase. Addison Lee’s 5,000 cars complete about 25,000 jobs a day, bringing it about 10 per cent of the £3 billion London taxi market.

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