Addison Lee returned to profit ahead of £270m takeover
London’s premium private hire cab service, Addison Lee, returned to the black in the year before being acquired by transport giant ComfortDelGro for almost £270m, it has been revealed.
The business, which has a network of 7,500 drivers and 5,000 vehicles, achieved a pre-tax profit of £1.8m in the 12 months to 31 August, 2024.
The figure, which has been revealed in newly-filed accounts with Companies House, comes after Addison Lee posted a pre-tax loss of £2.1m in its prior year.
Over the same period, the firm’s revenue also increased from £224.8m to £231.2m.
The results come after Morning Wire reported in October 2024 that Addison Lee was to be taken over by Singapore-listed transport giant ComfortDelGro for £269.1m.
The deal was to take place through its subsidiary, Cityfleet Networks, and see Addison Lee’s network join the firm’s existing operations across UK cities such as Liverpool, the Wirral, Chester and Aberdeen.
Addison Lee was found din 1975 by John Griffin and was acquired by private equity firm the Carlyle Group for £348m in 2013. It was sold in 2020 to chief executive Liam Griffin.
In a statement released when the deal with ComfortDelGro was announced, Liam Griffin said: “Over the last four years, ComfortDelGro has demonstrated its deep knowledge of the business, and a clear understanding of our customers’ and drivers’ needs.
“This, alongside the strength and heritage of the Addison Lee brand, has positioned us perfectly for further expansion into the premium segment. Comfortdelgro is a perfect complementary fit for us.”
He added: “They share our philosophy, vision, and ambition for the Addison Lee brand and bring significant international industry expertise to the business.”
Griffin and the current key management are set to remain at the firm following the takeover.