Barclays funds minicab firm's Olympics drive
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Your support makes all the difference.The minicab group Addison Lee is gearing up for an expansion in readiness for the Olympics after securing a £12m funding boost.
The company, founded by the colourful entrepreneur John Griffin, has landed a £6m revolving credit facility and £6m asset finance line from Barclays – part of the bank's strategy to show that it is a willing lender to viable businesses.
Although Mr Griffin hasn't been entirely enthusiastic about the Olympics – he wants permission to use bus lanes the same as London's black taxis – he says Addison Lee will be a "big player" during the games.
The finance deal comes days after Addison Lee reported that its turnover for last year rose by a fifth to £127.5m.
Mr Griffin was paid £3.6m for his efforts, the largest payout of £12.6m shared by the top four executives.
The London-based company is hoping to expand beyond the M25. It is presently the largest minicab company in London, operating 3,500 premium minicabs across the capital.
Addison Lee says the finance line provided by Barclays will assist in expanding its fleet of vehicles through the acquisition of the car service operations of Lewis Day.
Matthew Barbrook, the head of finance at Addison Lee, said: "Barclays' in-depth knowledge of the sector and understanding of our financial needs meant we were able to secure a funding package that was right for our business and will assist us in achieving our strategic ambitions."
Jackie Gillan, the relationship director within Barclays' transport and logistics team, said: "Our strong relationship with Addison Lee, which spans more than 15 years, ensured we were best placed to understand the company's needs and provide the finance they needed in order to achieve their growth plans."
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