Addison Lee’s owners Cheney Capital and William Griffin have hired investment bank Jefferies to explore the sale of the popular London minicab company.
Addison Lee, a fixture on London’s high streets since it was founded in 1975, is now considering a sale by its majority shareholder, the Strategic Value Credit arm of Chain Capital, William Griffin, son of the company’s founder John Griffin. The process is said to be at an early stage and may not necessarily result in a sale.
Addison Lee’s value in any potential deal remains uncertain. The company, which handles nearly seven million passenger journeys in London a year, was acquired by William Griffin’s Cheney Capital in 2020 after a competitive battle for control among Addison Lee’s lenders.
Liam Griffin said earlier this year that shifts in work patterns following the pandemic had slowed the company’s revenues. Addison Lee faces stiff competition from ride-hailing giants like Uber as well as London’s traditional black cabs.