CITYFLEET NETWORK LTD PURCHASES WIRRAL-BASED TAXI FIRM IN SEVEN-FIGURE DEAL
CityFleet Networks Ltd purchases Argyle Satellite Taxis in a seven-figure deal, as the international firm expands its business in the North West.
CityFleet Networks Ltd has today acquired Wirral-based taxi firm, Argyle Satellite Taxis, in a seven-figure deal. In a strategic move for growth across the North West the deal is CityFleet Networks largest move into the private hire vehicle market outside of London.
Already one of the largest point-to-point transport companies in the UK, boasting Computer Cab plc, ComCab (Liverpool), ComCab (Aberdeen) and Comfort Executive (London) in its portfolio, CityFleet Networks now plans to build on the growth of Argyle Satellite, developing it as a hub for further expansion and investment.
Argyle Satellite has had success after its foundation in 2017, seeing a 40% growth in fleet size over the last three years, servicing 4 million journeys in the process. Argyle Satellite will continue to provide the best possible service year-round under the new ownership, enhancing its reputation as the Wirral’s largest and most trusted taxi company.
This deal will see Argyle Satellite focus on further investment in technology, creating improvements for the passenger and drivers, while enabling the service to extend across the Wirral Peninsula.
Karen Long, CityFleet Networks general manager in the North West, said: “This deal between CityFleet Networks and Argyle Satellite presents us with a strong brand, a robust business, and a great opportunity to grow and invest in an area that is very close to our hearts, having already acquired Mersey Cabs, which is now ComCab Liverpool. I joined the company almost 30 years ago, CityFleet Networks acquired MerseyCabs in 2008 and so I have also seen first-hand the benefits that a merger can have on a company in this sector.”
Chris Jordan, former director at Argyle Satellite Taxis, added: “CityFleet has ambitious plans to continue improving the taxi experience for its customers and drivers in the North West. I’m sure they will prove to be the perfect stewards to take Argyle Satellite to the next level. Karen and the team at CityFleet are 100% committed to upholding Argyle’s proud tradition and working with our dedicated staff and management to take the business forward as we enter into this new era.”
The deal was managed by Seneca Corporate Finance (Argyle Satellite Taxi) and Wilkins Kenney Corporate Finance (CityFleet Networks) with legal representation David Wilkinson and Mary Erb from multinational law firm Fieldfisher LLP (CityFleet Networks) and Sue Russell from international, commercial law firm Hill Dickinson LLP (Argyle Satellite Taxis).