British taxi company Addison Lee has entered into talks with investment banks to renegotiate its current credit facilities.
According to sources to Sky News, the company is looking to obtain a new credit facility of 300 million pounds.
Some of the money is expected to be taken in dollars, which suggests continued expansion on the other side of the Atlantic, it is reported.
Back home in London, Addison Lee controls about ten percent of the taxi market. The company competes with traditional black cabs but also Uber, which is expected to strengthen its war chest with a listing next year. According to some bankers, Uber could be worth up to $120 billion.
Addison Lee is also in the hands of the venture capital firm Carlyle Group, which has been speculated to be willing to make an exit. However, in connection with the latest loan financing, such an exit is expected to be delayed, according to the sources.
Source: finwire
