Addison Lee becomes London’s largest taxi firm with ComCab deal June 16, 2021 Addison Lee has inked a deal to acquire black cab operator ComCab, creating the capital’s largest private hire and taxi firm. Under the terms of the deal, Addison Lee will purchase the London operations of ComCab, City Fleet Networks and Flightlink International from the ComfortDelGro Corporation. The combined company will have over 7,000 vehicles, making [...]
Collective raises £6m with Silicon Valley NFX, amid growing demands for gig worker benefits July 14, 2021 Collection Benefits, a UK insurance tech startup, have raised £6m in a round led by a Silicon Valley venture fund, as the demand for insurance and benefits in the gig economy continues. The year-old insurance provider also announced the appointment of Pete Flint OBE, the co-founder of Lastminute.com and a general partner at NFX, as [...]
Car crash: Uber shows record loss in new results August 8, 2019 Uber disappointed investors yesterday as the ride-hailing app showed its biggest-ever loss, and slowest revenue growth. Second-quarter net loss hit $5.2bn (£4.3bn), widening from $878m, as the company paid up $3.9bn for its May listing. Read more: Lyft off: Ride-hailing app makes inroads as it beats expectations Finance chief Nelson Chai said the company had [...]
Deliveroo float under fire as major investors balk at workers’ rights row March 25, 2021 Deliveroo’s blockbuster stock market float is under pressure after a string of high-profile investors said they will steer clear of the IPO due to the way the company treats its workers. Legal & General Investment Management and M&G today became the latest institutional investors to announce they will not take part in the delivery giant’s [...]
Transport network faces severe disruption as Storm Eunice hits London February 18, 2022 From the early hours of this morning Storm Eunice has hit the UK, bringing with it winds of up to 100mph and causing disruption all over the country. Following yesterday’s warning, the Met Office raised another red alert today, adding the South East and London. “These are rare, we only issue them when there is [...]
Uber rival Bolt sees surge in London rides three months after launch September 18, 2019 Ride-hailing app Bolt has boasted that 300,000 Londoners have signed up to its platform in just three months since its summer launch, as it aims to dent Uber’s dominance. The startup, which formerly launched in the UK as Taxify two years ago, has also seen around 50,000 drivers join a waiting list to work on [...]
Uber quest for long-term London licence faces rejection August 4, 2019 London’s transport bosses are set to snub Uber’s bid for a long-term licence in London when its probationary period runs out next month. The ride-hailing giant has been seeking a five-term licence to operate in the capital but is instead likely to be granted a shorter one that will run for less than two years, [...]
SoftBank ramps up exits to fund prolific Vision Fund dealmaking August 18, 2021 The Japanese investment giant sold around $14bn worth of listed stocks last quarter, marking a change in its exit-hesitant strategy in order to fund its Vision Fund’s accelerating investments in tech startups. SoftBank sold an estimated $14bn worth of listed stocks in the last quarter – almost triple that of the previous period, according to [...]
Wendy’s plots UK launch in 12,000-job burger boost May 9, 2021 American fast food chain Wendy’s is plotting a return to the UK in a move that will create more than 12,000 jobs. The burger chain is opening its first store in Reading next month and is eyeing as many as 400 sites. The company, which will compete with Burger King and McDonalds, pulled out of [...]
Amazon to dethrone both Tesco and Sainsbury as UK’s largest retailers within four years June 3, 2021 Amazon is to overtake Tesco as the UK’s largest retailer within the next four years, with sales expected to hit more than £77bn by 2025, according to new research, shared exclusively with City A.M. this morning. Last year, Amazon UK’s total sales were £36.3bn while Tesco’s sales were almost double at £64bn. However, by 2025, [...]