Ex-Addison Lee chief races to secure rescue deal

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Ex-Addison Lee chief races to secure rescue deal

December 8, 2019 Syndicated 0

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.

Griffin, the son of Addison Lee founder John Griffin, submitted the provisional offer in the last two weeks but has not secured all of the funding.

The Uber rival’s lenders, which are led by ING, could be hit with big losses on their debts of around £230m if a deal goes ahead.

Lenders recently injected an additional £20m of financing into Addison Lee to “buy it some time” to find a buyer, Cab4Now.com reported.

The cab company’s private equity owner Carlyle has reportedly considered selling it through a pre-pack administration, which could be complicated by the need to reapply for its London operating licence in the event of an insolvency.

Cerberus Capital Management, another US private equity firm, is reportedly among those considering a bid for Addison Lee.

Carlyle began an auction process for Addison Lee six months ago, but is reportedly yet to receive an offer that values the company at more than its £230m of outstanding debt.

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