Transdev sale puts Cabfind in fast lane
WIRRAL-based transport on demand specialist Cabfind.com has been bought by Transdev, one of the world’s largest transport providers, as part of a wider strategy to expand into the UK.
The company set up by Birkenhead brothers Chris and Tim Jordan in 2005 is now a wholly owned subsidiary of Transdev.The value of the deal was undisclosed.
Cabfind provides managed transport services to more than 120 corporate accounts across the public and private sector via private hire cars and coaches and has a UK-wide network of 140,000 operated by 2,300 approved suppliers.
Clients which use Cabfind.com’s online booking and billing platform include Capita, First Great Western, Channel 4, HM Prison Service and TNT.
French-owned Transdev is a multinational passenger transportation business, located in 20 countries across five continents, with €6.6bn of revenues in 2013. It operates private and public transport businesses, moving more than three billion passengers worldwide per annum through its rail, tram, private hire and bus operating companies.
In the UK, Transdev is a major passenger transport company employing 1,200 staff, operating deregulated bus services in the North of England, aircrew transport services through its Heathrow based CCH subsidiary, and private hire services in London through it greentomatocars and Trident Niven operations.
Integrating with Cabfind.com will eventually create a virtual fleet made up of 140,000 private hire vehicles, coaches and buses, all available on the phone, at the click of a mouse or at the tap of an app.
For Cabfind.com, with its £17m turnover in 2014, the deal brings inward investment to the UK and will help Cabfind.com to realise its accelerated growth potential.
Managing director of Cabfind.com Chris Jordan said: “The taxi market sector is in an profound state of change, not just in the UK, but throughout the world; in the main brought about by improved technology.
“In Transdev, we have found a partner which match our ambitious vision of the future for ‘transport-on-demand’ services. This involves working in collaboration with existing taxi and private hire operators, and will enable a fast-track roll out of the five year plan to take Cabfind.com into the consumer space and across the European and American markets.”
“As a family run business based in Wirral, Cabfind.com is proud to bring inward investment to the region and secure current and future jobs for our community.”
Chief executive of Transdev UK and Ireland Nigel Stevens said: “Cabfind.com has an unmatched supplier network across the UK and the team has shown that it is committed to delivering ‘transport-on-demand’ services to an impressive client list. We look forward to working with the board to realise the ambitious roll out and further developing the brand across our global network.”
The board of directors at Cabfind.com are staying on and the senior team has been strengthened with the appointment of Debbie Thompson as commercial director, Jonathan Brennand as operations director, Jenny Procter as finance director and James Gallacher has been appointed to IT director. Cabfind.com founders Chris Jordan and Tim Jordan remain managing director and business development director respectively.
Cabfind.com was advised by Sue Russell of law firm Hill Dickinson in Liverpool and Gordon Lane and Andrew Stubbs from Seneca Partners corporate finance team.
