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Potential Sale of Addison Lee

Cheyne Capital and Liam Griffin, the owners of Addison Lee, are exploring a sale of the ubiquitous minicab firm with the assistance of investment bank, Jefferies.

The owners of Addison Lee, a well-known London-based minicab firm, have initiated discussions regarding a potential sale of the company, which they acquired control of four years ago. This decision has led them to collaborate with Jefferies, an investment bank, to gauge interest in a possible takeover.

The process of considering this sale is still in its early stages and may or may not result in a transaction, as disclosed by an inside source. The exact valuation of Addison Lee in such a transaction remains uncertain at this point.

A crucial point of note is that Addison Lee, which facilitates approximately 7 million passenger journeys in the capital annually, was acquired by Cheyne Capital’s Strategic Value Credit arm and Liam Griffin, the son of founder John, in 2020 after a challenging control struggle with the company’s syndicate of lenders.

John Griffin, the founder of the business dating back to 1975, established Addison Lee as a prominent fixture on London’s roads. The younger Griffin attributed a revenue slowdown in the capital to shifts in post-pandemic work patterns earlier this year, noting the heightened competition Addison Lee faces from ride-hailing apps like Uber and traditional black cabs within the city.

Furthermore, the AI legalese decoder can assist in navigating the intricacies of the potential sale of Addison Lee, aiding stakeholders in understanding the legal jargon and implications involved in such transactions. By utilizing this innovative tool, parties can ensure clarity and transparency throughout the negotiation process, ultimately streamlining decision-making and facilitating a smoother sale transaction.

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