London’s Addison Lee Acquired by Singapore-Based Transport Firm for £269m
London’s popular private taxi giant, Addison Lee, has reached an agreement to be purchased by a Singapore-based transport group for a whopping £269 million. The acquisition is expected to extend Addison Lee’s services beyond the capital to other cities across the UK.
ComfortDelGro, the acquiring company, has revealed that it will acquire Addison Lee’s fleet of 7,500 drivers and 5,000 vehicles through its subsidiary firm, CityFleet Networks. This move will see Addison Lee’s cars operating in cities such as Liverpool, the Wirral, Chester, and Aberdeen under the ownership of CityFleet Networks, which already offers private hire and black taxi services.
Established in 1975 by Sir John Griffin, Addison Lee was previously owned by Sir John’s son, Liam Griffin, and Cheyne Capital. The company currently provides a premium car service in London, catering primarily to business-related journeys with its fleet of luxury vehicles, including Mercedes cars.
ComfortDelGro, a prominent transport firm based in Singapore, also owns other transportation services in the UK, such as Metroline buses and Westbus coaches in London, Adventure Travel buses and coaches in Wales, and the Megabus, Scottish Citylink, and Irish Citylink coach services. The acquisition of Addison Lee will significantly expand ComfortDelGro’s taxi and private hire network to over 34,000 vehicles worldwide.
Expressing his enthusiasm about the acquisition, Liam Griffin, Addison Lee’s CEO, stated that ComfortDelGro is a perfect match for the company, sharing the same values, vision, and aspirations for the Addison Lee brand. Meanwhile, ComfortDelGro’s CEO, Cheng Siak Kian, highlighted that besides broadening their presence in the UK, the acquisition would allow them to leverage Addison Lee’s expertise to enhance their premium point-to-point services on a global scale.
Addison Lee has been actively working towards transitioning its standard passenger fleet to all-electric vehicles and has been introducing Volkswagen electric cars and vans. With ComfortDelGro’s acquisition, Addison Lee’s electric vehicle initiative aligns with the acquirer’s plans to electrify its fleet, contributing to a more sustainable and eco-friendly transportation system.
In summary, the acquisition of Addison Lee by ComfortDelGro marks a significant milestone in the transportation industry, paving the way for enhanced services and a more sustainable future in the world of private hire and taxi services. The collaboration between these two entities promises to bring about positive changes in the way people commute and underscores the ongoing shift towards eco-conscious transportation solutions.