Private hire giants Addison Lee are in talks with Investment banks about a deal reportedly worth £300 million as they seek to strengthen their war chest in the battle against ride-hailing app Uber.
According to a report in Sky news online, discussions for the mega refinancing come as Uber Technologies Inc. begin preparations for an IPO some time next year.
According to sources, for the first time, part of Addison Lee’s borrowing deal is most likely to be denominated in US dollars, which mean the company may be looking to further expand into the United States.
Addison Lee currently has a fleet of about 5,000 cars operating in London. The company has recently said they are transforming from a London private hire business to a “global premium ground transportation provider”.
Despite fierce competition from black taxis and Uber, Addison Lee have said that at their current rate of growth they expect to double the size of Addison Lee group in the next three years.