Barclays funds Addison Lee drive to take advantage of Olympics
Monday 26 March 2012
Minicab group Addison Lee is gearing up for an expansion in readiness for the Olympics after securing a £12m boost.
The firm, founded by the colourful entrepreneur John Griffin, has just landed a £6m revolving credit facility and £6m asset finance line from Barclays – part of the bank's strategy to show that it is a willing lender to viable businesses.
Although Mr Griffin hasn't been entirely enthusiastic about the Olympics – he wants permission to use bus lanes the same as London's black taxis – he says the firm will be "big players" during the games.
The finance deal comes days after Addison Lee revealed that company turnover for last year rose by a fifth to £127.5m.
Mr Griffin was paid £3.6m for his efforts, the largest payout of £12.6m shared by the top four executives.
The London-based company is hoping to expand outside the M25. It is presently the largest minicab company in London, operating 3,500 premium minicabs across the capital.
Addison Lee says the finance line provided by Barclays will assist the company in expanding its fleet of vehicles through the acquisition of the car service operations of Lewis Day.
Matthew Barbrook, head of finance at Addison Lee, said: "Barclays' in-depth knowledge of the sector and understanding of our financial needs meant we were able to secure a funding package that was right for our business and will assist us in achieving our strategic ambitions."
Jackie Gillan, relationship director within Barclays' transport & logistics team, said: "Our strong relationship with Addison Lee, which spans more than 15 years, ensured we were best placed to understand the company's needs and provide the finance they needed in order to achieve their growth plans."
The taxi sector has seen a number of new entrants in the last year with the growth of social media. Hailo, founded by three London cab drivers, matches up passengers and licensed taxi drivers via a smartphone application. It is backed by one of Spotify's original backers and the investment vehicle of Skype co-founder Niklas Zennstrom.
South Korea ferry passengers who were told to stay put 'got trapped' aboard sinking ship
Are beards attractive? Ryan Gosling says yes, but science says no. Take the A-list facial hair challenge and find out who's right
Andre Johnson: Wu-Tang Clan-discovered rapper severed his penis and jumped from LA building
Oscar Pistorius trial: Defence witness 'unqualified' to testify
Oscar Pistorius trial: Defence witness contradicts athlete's version in new blow for defence team
The food poverty scandal that shames Britain: Nearly 1m people rely on handouts to eat – and benefit reforms may be to blame
US Navy christens huge $3 billion destroyer ship USS Zumwalt that appears as a fishing boat on enemy radar
Scottish independence: It is the English who should be on their knees, begging the Scots to vote ‘No’
Nigel Farage fatigue? Half of voters ‘immune’ to Ukip’s appeal
Nigel Farage on Have I Got News For You: Ukip leader ridiculed over expenses and party 'fruitcakes'
Nigel Farage: I’m taking on the status quo, and the Establishment’s fighting back
- 1 Poveglia: 'World's most haunted island' up for sale...is anyone brave enough to buy it?
- 2 Babies cry at night to stop mothers procreating, scientists claim
- 3 24 people applied for the 'world's toughest job', here are their interviews
- 4 Andre Johnson: Wu-Tang Clan-discovered rapper severed his penis and jumped from LA building
- 5 Mrs Doubtfire 2: Robin Williams set to star in sequel to 1993 comedy
iJobs Money & Business
£150.00 per week: QA Apprenticeships: This company has been providing on site ...
£221.25 per week: QA Apprenticeships: This company is a well established Inter...
£40000 - £50000 per annum: Harrington Starr: Client Relationship Manager - SQL...
£35000 - £50000 per annum: Pro-Recruitment Group: Take your chance to join the...