Fast-growing taxi group Take Me has made another acquisition, adding Cambridgeshire-based 4X Ltd, trading as Steve’s Taxis, to its growing portfolio.
The acquisition is backed by investment holding company MBH Corporation, which has made 25 acquisitions around the world in a range of industries, including the taxi sector.
In the UK,its taxi portfolio is centred around the former ADT Taxis business, based in Leicester, which has made a number of acquisitions already and is consolidating all its operations under the Take Me brand. Take Me managing director David Hunter said the group was working on further acquisitions and would be adding further companies “at a rate of one per month”.
Steve’s Taxis is a long-established company with a fleet of more than 100 vehicles operating in and around Huntingdon and St Neots in Cambridgeshire. It has a broad range of contracts with local schools, hospitals, prisons and local businesses, and these contracts have been invaluable as a steady revenue stream for the company throughout the past 12 months.
Despite the pandemic’s impact, Steve’s Taxis unaudited turnover to July 2020 was £1.8m with an EBIT of £0.2m. The operator is also planning to replace petrol and diesel cars with electric models, and is offering driver incentives for switching to EVs.
The total price for the acquisition of Steve’s Taxis is between £1.0 million and £1.4m, which will be settled by way of a listed bond in accordance with the MBH bond programme.
Steve Woodham, managing director of Steve’s Taxis, said: “This is a pivotal moment as the team looks to evolve and grow under new leadership from Take Me to meet new challenges after an extremely testing year. It’s enormously exciting to be joining the MBH family and I know how much David Hunter and his team at Take Me have already benefited from the experience and counsel of other principals within the portfolio.”
Callum Laing, CEO of MBH Corporation, said: “We’re delighted to expand our transportation vertical and welcome 4X onboard. We have been hugely impressed with their proactive solutions to the challenges presented over the past 12 months, plus their commitment to EV and environmental concerns.”
Last month, Take Me added Birmingham-based TC Cars to its portfolio, in a separate £2m deal not funded through MBH. And last November, Take Me bought Farnborough-based Victoria Gosden Travel Limited (VGT) for a price between £1.3million and £2m, in a deal that was backed by MBH.