London’s largest mini-cab company has landed a
£12m finance package to help its expansion including a £6m asset
finance facility.
The funding from Barclays Corporate will help
Addison Lee expand its 3,500 vehicle fleet in London following the
firm’s acquisition of passenger car service Lewis Day in
November.
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Barclays also provided a £6m revolving credit
facility to the group as it gears up for a busy period during the
city’s Olympic Games in late July.
Matthew Barbrook, 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, relationship director within
Barclays’ Transport & 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.”
grant.collinson@vrlfinancialnewss.com
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