Addison Lee’s lenders plan to take control of struggling cab firm January 26, 2020 Addison Lee’s banks are set to take control to fend off the threat of an administration. A sale of the taxi operator has ground to a halt because of debts of more than £250m. The Telegraph reported that the firm is looking to finalise a deal with a group of at least eight lenders to [...]
US executive to leave Softbank’s $100bn Vision Fund February 5, 2020 A top US executive is leaving Softbank’s $100bn Vision Fund after expressing concerns about “issues” at the Japanese investment giant, which has been hit by a series of setbacks over the past few months. Michael Ronen, a former banker at Goldman Sachs who joined Softbank in 2017, told the Financial Times he was leaving and [...]
Zoopla investor ploughs £3.3m into London gig economy startup’s seed round February 25, 2020 Collective Benefits, a gig economy startup which is set to exit Facebook’s London accelerator next month, has closed £3.3m in seed funding. The round was led by Stride.VC, a backer of Zoopla, Secret Escapes and Pill Pack, with participation from Delin Ventures and Insurtech Gateway. Collective said a number of angel investors also joined the [...]
Softbank plans £35bn emergency asset sale to cut debt amid coronavirus rout March 23, 2020 Softbank is launching an emergency ¥4.5 trillion (£35bn) asset sale to buy back shares and reduce debt in a bid to restore investor confidence as the global stock market rout pummels its shares and portfolio companies. The measures come as the Japanese investment giant and its $100bn Vision Fund, which has recorded two consecutive quarterly [...]
Coronavirus: WHO says there is an ‘urgent’ need for vaccine February 13, 2020 The World Health Organisation (WHO) has said that big decisions need to be made on the development of vaccines for the coronavirus. In a briefing this afternoon Dr Michael Ryan, executive director of the WHO, said vaccines will require “huge investment” and “the state sector will have to take some of the risk with the [...]
Naughty or nice: Which businesses pleased or peeved Santa in 2020? December 21, 2020 Which businesses stood out this year for going above and beyond for customers and staff, and which will be remembered less favourably for their pandemic policies? The last year has certainly been one that will not be forgotten. The last 12 months have been widely been touted “the worst ever” by people around the world, [...]
Private equity firm Cerberus mulls Addison Lee bid December 2, 2019 US private equity firm Cerberus is reportedly among those considering a bid for Addison Lee as the minicab company’s owner tries to secure a quick sale. Read more: Addison Lee lenders ‘circle’ taxi giant as sale effort continues Cerberus Capital Management submitted a bid for the minicab firm ahead of a recent deadline for offers, [...]
Uber settles sexual harassment claims for $1.9m August 22, 2018 Ride-sharing app Uber has agreed to pay $1.9m (£1.5m) to 56 current and former employees who claimed they were victims of sexual harassment while working at the company. They will also receive an average of nearly $11,000 as part of a class action of 485 people who claimed they were discriminated against while working at [...]
Addison Lee to bring former CEO Liam Griffin back into top job February 9, 2020 The new owners of minicab firm Addison Lee are set to bring former chief executive Liam Griffin back into the top job as a part of a range of measures to try and save the struggling company. Addison Lee was rescued by a group of eight banks last month, who vowed to inject £45m investment [...]
Uber revenue driven up but company warns over driver employments rights court battle October 7, 2018 Uber drove its revenue up by 61 per cent last year but warned an ongoing court battle over the employment status of its drivers could hurt its future finances. The private hire firm, which claims its drivers are self-employed, is fighting against an Employment Appeal Tribunal decision that drivers should be classed as workers with [...]