Inside Addison Lee’s £269M Deal: A New Era for Private Hire

Addison Lee Returns to Profit Ahead of ComfortDelGro Acquisition

London’s premium private hire cab service, Addison Lee, has reported a return to profitability ahead of its acquisition by Singapore-based transport giant ComfortDelGro. The company posted a pre-tax profit of £1.8 million for the year ending August 31, 2024, marking a significant improvement from the £2.1 million loss recorded in the previous year. Revenue also saw an increase, rising from £224.8 million to £231.2 million over the same period.

The financial turnaround follows a period of challenges for Addison Lee, including legal disputes over driver rights. A recent tribunal ruling confirmed that Addison Lee drivers are entitled to backpay, further influencing discussions about worker status and pay in the private hire sector.

ComfortDelGro’s £269 Million Takeover

ComfortDelGro, a global transport company listed in Singapore, has acquired Addison Lee for £269.1 million through its UK subsidiary, Cityfleet Networks. This move integrates Addison Lee’s 7,500 drivers and 5,000 vehicles into ComfortDelGro’s operations in Liverpool, the Wirral, Chester, and Aberdeen, further strengthening its presence in the UK’s private hire market.

Addison Lee’s Growth and Future Plans

Founded in 1975 by John Griffin, Addison Lee has changed hands multiple times, including a £348 million acquisition by private equity firm Carlyle Group in 2013 and a subsequent sale to CEO Liam Griffin in 2020. Griffin, along with the company’s key management team, will remain in place following the acquisition.

Liam Griffin remarked:

"Over the last four years, ComfortDelGro has demonstrated its deep knowledge of the business and a clear understanding of our customers’ and drivers’ needs."

He added:

"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."

Griffin further noted:

"They share our philosophy, vision, and ambition for the Addison Lee brand and bring significant international industry expertise to the business."