Addison Lee report losses of £39million as they attempt to compete with public bound Uber

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Addison Lee report losses of £39million as they attempt to compete with public bound Uber

May 7, 2019 Syndicated 0

London based private hire firm Addison Lee has reported losses for last year of £39 million. That comes after losses in the year before of £20.8 million, as they desperately attempt to compete with ride-sharing giants Uber.

Carlyle Group, the American private equity group that owns Addison Lee, has hoisted a “for sale” sign over the business in a bid to offload the struggling company.

The US private ­equity firm have hired Bank of America and Rothschild in an attempt to try and offload the company, with an asking price of between £300m and £500m.

It was reported that a slump in demand for diesel powered vehicles, as well as dwindling car sales in China, has seen 4,500 jobs lost worldwide, with JLR careering toward their first annual loss in a decade.

Addison Lee is reckoned to have 10 per cent of the London taxi-hailing market. For the year to the end of last August, its revenues grew 13 per cent to £390 million.

Andy Boland, Addison Lee Group’s Chief Executive, said: “In the last three years, in an incredibly competitive market, Addison Lee Group has grown revenues by 47%, driven by international expansion, and a focus on service supported by technology and efficiencies from investment in infrastructure, all while maintaining core profitability.

“Our focus is on capturing a greater share of the $30 billion annual global premium car mobility market, while embracing new technology which allows us to better serve our customers and cement our place as a key player in the mobility sector, as evidenced by our recent success in winning UK government funding for autonomous vehicle projects.”

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