Why the £40m Sherbet investment could be the catalyst to reignite London’s black taxi trade
- Perry Richardson
- 6 hours ago
- 3 min read
Sherbet’s record-breaking £40 million deal with Hoplon Investment Partners should be seen as more than just a milestone for one company. It represents a moment of renewal for the licensed black taxi trade in London, which has endured years of contraction in both driver numbers and available vehicles.
Over the past decade, the number of licensed cabs and drivers in the capital has steadily fallen. Rising costs, an ageing driver demographic, and the growing influence of ride-hailing platforms have created challenges for those wanting to stay in or join the industry. At the same time, many Knowledge of London students have been deterred by uncertainty over the future of the profession. The result has been a shrinking pool of licensed drivers and fewer taxis on the road, leaving the trade in need of a clear tangible catalyst.
Sherbet’s investment may be that catalyst. By securing the sizeable financial backing, the company has laid out an ambitious growth plan that directly addresses some of the key structural issues facing the trade. Its aim is to expand its fleet from 550 to 3,000 electric black taxis within the next three years, making it far easier for drivers to rent vehicles rather than taking on the high costs of ownership. For many drivers, the ability to rent a cab under a trusted operator provides flexibility and security at a time when the financial barriers to entry are significant.
The investment also places a strong focus on recruitment. Sherbet has pledged to channel funds into supporting the Knowledge of London, the rigorous training process that has defined the profession for generations. In recent years, the number of new applicants has dropped, raising concerns over the sustainability of the workforce. By backing this pathway and ensuring that new entrants have vehicles available to drive once qualified, Sherbet is helping to rebuild the pipeline of future cabbies.
Beyond driver numbers, the investment reflects confidence in the role of the regulated black cab. Sherbet’s model blends the heritage of the taxi trade with modern, zero-emission vehicles and connected technology. This includes platforms that provide drivers with access to bookings, data and advertising opportunities, while also generating valuable environmental and traffic insights for city planners. In doing so, Sherbet is positioning the black cab as not just a passenger service but an active component of London’s smart city ambitions.
The black cab remains the only service in London that guarantees full wheelchair accessibility, alongside the safety and reliability that come with licensed drivers. Expanding the fleet ensures more availability, particularly at peak times when demand often outstrips supply. It also reaffirms the cab’s role in providing a public service, especially for those who rely on its unique accessibility features.
The timing of this investment could not be more important. London is pressing ahead with its zero-emission goals, and the black cab trade has a vital role to play in delivering cleaner transport. With Sherbet leading the way on electrification, the deal signals that licensed taxis can be both competitive and sustainable. It also sets out a vision for growth at a scale not seen in the trade for decades.
While challenges remain, the £40 million injection offers a rare sense of momentum. For a sector that has seen steady decline, this level of investment shows belief in the value of the black cab and its ability to adapt. If Sherbet succeeds in its expansion, it could inspire wider renewal across the industry, encouraging more drivers to join and strengthening the position of the licensed trade.
