Addison Lee has secured a £6m revolving credit facility and £6m asset finance line with Barclays to support their expansion strategy.
London-based private hire company, Addison Lee, is currently the largest minicab company in London, operating 3,500 minicabs across the capital.
The asset finance line provided by Barclays will assist the company in expanding their fleet of vehicles through the acquisition of the car service operations of Lewis Day.
Matthew Barbrook, head of finance at Addison Lee, said: “Barclays’ in-depth knowledge of the sector and understanding of our financial needs meant we were able to secure a funding package that was right for our business and will assist us in achieving our strategic ambitions.”
Jackie Gillan, relationship director within Barclays’ Transport & Logistics team, said: “Our strong relationship with Addison Lee, which spans more than 15 years, ensured we were best placed to understand the company’s needs and provide the finance they needed in order to achieve their growth plans.”