Eco City Vehicles settles legal saga over Cabvision
Wednesday 18 July 2012
Eco City Vehicles, the supplier of London's black Mercedes Vito taxis, has settled a long-running legal dispute over Cabvision, the supplier of TV services in the back of cabs.
Cabvision was a former subsidiary of Eco's taxi supply business, KPM. No details were given of the settlement following almost six years of court cases, but Eco said it did not "involve any cost to the group."
However, it warned: "The cash position of the group remains very tight following challenging conditions."
Eco's revenues dropped 10 per cent last year and it made a loss of £2.2m as drivers held off from buying new cabs before a new model was launched.
The company said it still has the "full support of its pension scheme and its bank". Nevertheless, Eco added that it is continuing to look at "other funding options".
Eco City shares were unmoved yesterday at 1.73p.
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