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Addison Lee back in the black as post-pandemic recovery kicks in inherited in 2020, all while launching new initiatives to support Londoners and keep the capital moving during the pandemic. And with travel now returning Addison Lee has returned to profitability in the to levels seen in 2019, we are confident that this is financial year to the end of August, 2021, recording the start of a return to significant growth for the pre-tax profits of £7.9 million on a turnover of business.” £164m. The acquisition of ComCab London gives Addison Lee acquired London black cab operator Addison Lee’s London customers access to a range ComCab in the period, and started the programme of ground transport services under one platform, of fleet electrification, and the business is now including black taxi, courier, minicab and chauffeur. poised for significant growth this new financial year. In the financial period, the firm’s number of Recent figures show a 47% year-on-year growth professional partner drivers and vehicle fleet has in passenger revenue and a 53% year-on-year risen to more than 6,500. growth in pre-tax earnings (EBITDA) between Last year it announced its plans for a rapid February 2021 and February 2022, with Addison Lee transition to electric vehicles for its core London firm’s home and key market in London. It also attributing the rise to rapid post-Covid growth. The positive results come just two years after the worked to prioritise the relationship with its partner fleet, to be completed by the end of 2023. Addison Lee has already invested £18m to roll out its first drivers, providing support during the pandemic, Griffin family and Cheyne Capital’s Strategic Value 450 Volkswagen ID.4 EVs. These vehicles will increasing rates and giving them access to holiday Credit business led a buyout of the group from remove 11,000 tonnes of CO2 over their three-year venture capitalist Carlyle Group on March 23, 2020 pay, sick leave, and the option of a pension. lifecycle. Addison Lee now guarantees the London Living – the takeover was announced on the same day Griffin continued: “Since we’ve come back Wage, and new drivers are guaranteed £5,000 gross as the first UK national Covid-19 lockdown. into the business, we’ve doubled down on our In the past two years, Addison Lee’s management for the first month of work. The company says commitment to our drivers, and with the continuing its top-earning drivers currently make more than team, led by CEO Liam Griffin (pictured), had support from our investors and several new £2,000 per week. to make tough decisions to address issues posed Liam Griffin said: “As London returns to business ventures underway, there’s much more to come. We by the pandemic and “legacy issues left by the as usual, we know that this is just the beginning for know first-hand the role that the transport sector previous management team”, the company said in must play in tackling climate change, and we’re us. By focussing on our core strengths, our expert a statement. extremely proud of the work we’ve done to become management team have successfully managed Addison Lee reduced losses by exiting lossan industry leader in the transition.” to offset the difficult financial situation that we making international operations to focus on the
Mark Bursa
Newcastle introduces new private hire signage policy Mark Bursa Newcastle-upon-Tyne private hire operators have welcomed a new policy which aims to make their vehicles more recognisable to passengers. Private hire vehicles must now display rear passenger door signage with the name, number and/or app of the company the taxi driver works for. The intention is to help passengers identify the car they have booked and ensure drivers only respond to one job at a time. Private hire operators across the city supported the new policy, which is now in place, following an eight-week consultation held last year. The move is in response to concerns that some self-employed drivers, who were working for multiple operators, had abandoned jobs they had previously accepted after being offered a higher-paid fare from another firm. The drivers then failed to turn up for the
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original bookings, it is claimed, leaving customers stranded and vulnerable. Cllr Linda Hobson, Newcastle City Council cabinet member for housing and regulatory services, said: “The safety of everybody is of
the utmost importance so these signs will help passengers further identify the private hire car they have booked and in turn ensure that drivers only respond to one booking at a time.” Ian Shanks, managing director of leading local operator Blueline Taxis (pictured), said: “We support Newcastle City Council’s positive approach to make private hire vehicles more recognisable and believe this will provide assurances that customers will be collected and transported to their destination safely.” David Singh, customer care manager at Noda and Budget Taxis, said: “We unfortunately find ourselves competing with companies that operate high surge charges incentivising drivers to take alternative bookings and leaving our customers behind. The changes will make it safer for people and parents will have the comfort knowing their child is going to be picked up by a licensed driver and they will come home safe.”
MAY 2022
