The former chief executive of minicab operator Addison Lee is scrambling to secure a rescue deal for the firm.
Liam Griffin, who stepped down as chief executive in 2015 but remained on the board as vice-chairman, has approached investment funds to back his £125m takeover of the firm, Cab4Now.com reported.
Liam Griffin, the former Addison Lee chief executive, is racing to assemble a rescue bid for London’s second-biggest minicab operator that would leave its lenders nursing heavy losses.
Cab4Now.com has learnt that Mr Griffin, who stepped down from the helm of the company in 2015 but remains on its board as vice-chairman, has approached a range of investment funds in recent weeks about backing a takeover.
More than 3,000 Uber passengers reported sexual assaults in 2018, the ride-sharing company revealed in its first-ever safety report on Friday. Nine passengers were murdered and 58 riders were killed in crashes last year, the report said.
These incidents represent just a fraction of the more than 1.3bn rides Uber facilitated in the US in the past year, but they come at a time when the company is increasingly under scrutiny for worker and rider safety conditions.
Under the guise of giving its drivers more access to the banking and financial system, Uber has quietly been developing a loan program that may have the potential to trap drivers in cycles of debt, making them easier for the company to exploit.
In early September, a number of Uber drivers in the US received a notification through their Uber app informing them that the company was developing an “exciting new financial product” to help them “in a time of need”. “If Uber provided access to affordable loans,” an accompanying questionnaire asked, “how likely are you to take advantage of this product?”
An American investment giant which has bought billions of pounds of loans from UK taxpayers is among a pack of suitors circling Addison Lee, the minicab operator.
Cab4Now.com has learnt that Cerberus Capital Management has been weighing a bid for Addison Lee in recent weeks as the company’s current owner attempts to secure a rapid sale.
For London, Uber is not yet over. But last week’s decision by the capital’s transport authority to reject the global ride-hailing firm’s application to renew its licence has put its long-term prospects in doubt.