Addison Lee founders get £300m fare as they sell cab firm » National Taxi Association

Addison Lee founders get £300m fare as they sell cab firm » National Taxi Association

Today, Addison Lee uses a cutting-edge IT system to manage bookings for its 4,500 cars after emerging as the major competitor to London’s black cabs. Under the terms of the deal, the elder Mr Griffin, John, will remain as chairman and his son as chief executive. Drivers who work for the company do not own shares and so will not get a windfall from the deal. Liam Griffin said: “We’re very much concentrated in central London, but now we can look at going further afield within the M25, like the suburbs. We’ll look primarily at that area first.” Carlyle Europe Partners’ managing director, Andrew Burgess, said he was keen to roll out Addison Lee to other cities in the UK which could benefit from the firm’s use of apps and technology that creates such an “efficient dispatch” system. Internationally, Addison Lee already has burgeoning joint ventures in Paris and New York and the ...

Full article: http://www.national-taxi-association.co.uk/?p=5492

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John Griffin sells Addison Lee for £300 Million.

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