Cheyne Capital and Liam Griffin, the owners of Addison Lee, are reportedly considering a potential sale of the popular minicab firm. According to Sky News, the investment bank Jefferies has been brought on board to explore interest in a takeover.
The decision to explore a sale comes four years after Cheyne Capital and Liam Griffin acquired Addison Lee. The company, which is a familiar sight on London’s roads and transports millions of people each year, was sold to Cheyne Capital’s Strategic Value Credit arm and Liam Griffin in 2020 after a contentious battle for control with lenders.
The potential valuation of Addison Lee in any sale is currently unknown, and the process is said to be in its early stages. While there is no guarantee that a sale will ultimately take place, the involvement of Jefferies suggests serious consideration of the option.
In a recent interview, Liam Griffin mentioned that changes in post-pandemic working patterns had impacted the company’s revenues in the capital. Addison Lee faces competition from ride-hailing apps like Uber and traditional black cabs in London.
A spokesperson for Addison Lee declined to comment on the potential sale. Stay tuned for further updates on this developing story.