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captain cab
PostPosted: Fri Nov 14, 2014 10:10 pm 
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Uber threat hits Addison Lee sale

US buyout group Carlyle has abandoned plans to sell Addison Lee after offers for the British cab service fell short of its price expectations.

Interest in the company dwindled to two parties including Hellman & Friedman, San Francisco-based private equity group, after bidders struggled to assess the threat posed by Silicon Valley taxi app start-up Uber over its prospects.

Contenders that had a look and decided against submitting a bid included BC Partners, London private equity house, and SMRT, Singapore’s public transport operator, according to people with knowledge of the talks.

Carlyle decided to sell the company less than two years after acquiring a controlling stake from shareholders including founder John Griffin.

The deal was partly funded with debt and valued the London minicab company at about £300m. In April, its private equity owner recouped part of its investment after adding debt to the company to fund a special dividend, a mechanism known as dividend recapitalisation.

Addison Lee’s management team, headed by Liam Griffin, John’s son, will now focus on acquisitions to boost its international expansion, before Carlyle reconsiders a sale or an initial public offering at a later stage.

Mr Griffin said last month that the fact most of Addison Lee’s bookings were made by corporate clients enabled it to resist pressure from Uber, which has expanded aggressively in Europe.

According to its latest filing to Companies House, revenues at Addison Lee increased 16 per cent to £171.6m in the year through to August 2013, while net profit tripled to £16m.

http://www.ft.com/cms/s/0/9fad0510-6bfb ... z3J4z0Ai6z

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captain cab
PostPosted: Fri Nov 14, 2014 10:11 pm 
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now what have I been saying.......forever????

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toots
PostPosted: Fri Nov 14, 2014 10:25 pm 
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What?

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captain cab
PostPosted: Fri Nov 14, 2014 10:28 pm 
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toots wrote:
What?


yeah? ffs

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toots
PostPosted: Fri Nov 14, 2014 10:35 pm 
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captain cab wrote:
now what have I been saying.......forever????


What have you been saying forever?

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captain cab
PostPosted: Fri Nov 14, 2014 10:39 pm 
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toots wrote:
captain cab wrote:
now what have I been saying.......forever????


What have you been saying forever?


well - your just gonna have to read back through those posts :wink:

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captain cab
PostPosted: Sat Nov 15, 2014 12:41 am 
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http://www.youtube.com/watch?v=YVkUvmDQ3HY

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toots
PostPosted: Sat Nov 15, 2014 12:54 am 
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captain cab wrote:
http://www.youtube.com/watch?v=YVkUvmDQ3HY


:lol: :lol: :lol:

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Sussex
PostPosted: Sat Nov 15, 2014 8:48 pm 
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I'm not sure there are that many people outside of the trade who can really put a price on the big boys, and the threat posed by the likes of Uber.

Personally I don't think Addison Lee have much to worry about, but I'm not sure it was worth what Carlyle paid for it in the first place.

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