London investment company announces acquisition of taxi company for £3.4m

A London investment company has announced that it is continuing its growth with its fifth acquisition of the year.

MBH Corporation, based in London, has completed the full acquisition of Driven by Riide Ltd - trading under ADT - a taxi company based in the East Midlands.

With this acquisition the pro forma revenues of MBH climb to £85.4m based on the financial year ended 31 December 2019.

The total consideration for the acquisition is approximately £3.4m, of which the majority is settled by way of a listed bond in accordance with the MBH bond programme.

Driven by Riide currently has 600 drivers, and is aiming to expand this number to 1,200.

David Hunter, CEO of ADT, commented: “We are excited to be joining MBH at a pivotal moment for the company.

“Over the last few years we have become fully cloud based having automated our 600 vehicle fleet and 70 per cent of our bookings come through our customer app.

“We have strong growth ambitions which MBH will be instrumental in helping us achieve; in the next 18 months our aim is to buy other fleets and expand our network and rebrand with a national tech focussed name.

“Our further ambition is to merge other profit making private hire fleets under one company and brand and to streamline them and modernise them to cloud based fleet management companies. I am very excited about the future and our potential with MBH.”

Callum Laing, CEO of MBH Corporation plc, said: “David and his team have substantial growth plans and we are delighted to be working with them to achieve that.

“As David commented, it’s an exciting moment both for his company and the industry in general - that has faced challenges from increased competition over the past years, but that is now poised for significant growth.

“As we move into a scenario where last mile logistics become increasingly valuable, having the experience and the network of drivers that Driven by Riide has will prove critical. People, parcels or your dinner, Driven by Riide will ultimately be able to deliver.”

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