MBH Corporation plc today announces its latest acquisition of Intercity Taxis which becomes the fourth company in its transport vertical. Intercity Taxis is a tactical acquisition for the Group and will reside under Take Me (formerly ADT Taxis) within the Group’s transport vertical.
Intercity Taxis’ has a 40 year history and averages over 150 drivers to a fleet of 120 taxis. The company’s largest account is Staffordshire County Council and numerous other local authorities use the company to provide school run services.
Despite its long history, Intercity Taxis has kept pace with the latest innovations and recently embraced the iCabbi system to provide customers the flexibility to book a taxi in a number of different ways quickly through an app, web booker, IVR (interactive voice response) and call handlers.
Intercity Taxis’ generated £2.1m in revenue for the year 31 May 2020 with a normalised EBIT of £0.5m.
After this acquisition, MBH would have utilised approximately €37m of its bond programme leaving a balance of EUR13m to be utilised if required. The number of shares issued as at the date of this release is €72m.
David Hunter, CEO, Take Me Group, commented: “We are beyond delighted to have Intercity Taxis join our Group. They are a historically brilliantly run firm, operating within a stable and established market. This presents a huge opportunity for continued growth for the transportation vertical within the MBH portfolio which we’re proud to be a part of.”
Callum Laing, CEO, MBH Corporation plc, said: “Intercity Taxis is one of the very best in their field, being innovative, forward facing and proactive and we are excited to have them as part of our growing portfolio as we add more to our transportation vertical.”