Leicestershire’s ADT Taxis – part of MBH Corporation – has added another company to its growing stable with the addition of InterCity Private Hire, in Stoke, in a deal worth between £3 million and £4 million.
The deal is again backed by MBH Corporation plc, a diversified investment holding company, which has based its transport portfolio around the former ADT operation in Leicestershire, run by David Hunter and Ashley Butcher.
Intercity Taxis was founded more than 50 years ago and operates a fleet of around 120 cabs.
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The company’s biggest account is Staffordshire County Council, and numerous other local authorities use the company to provide school run services.
The company generated £2.1 million in revenues for the year ended May 31, 2020, with pre-tax profits of around £500,000.
The takeover will be settled mostly by way of an MBH listed bond which will pay out in five years.
ADT Taxis managing director David Hunter said the company had more acquisitions in the pipeline, as it starts to rebrand under the TAKE ME name for new group acquisitions.
Mr Hunter, Take Me Group chief executive, said: “We are beyond delighted to have Intercity Taxis join our group.
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“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.”
MBH Corporation chief executive Callum Laing said: “Intercity Taxis is one of the very best in its 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.”
Existing TAKE ME fleet businesses including ADT Taxis, VGT Taxis in Fleet, Steve’s Taxis in Huntingdon and TC Cars in Birmingham, which have all been carrying out essential work – including supermarket runs, food deliveries, transporting key workers and, recently, taking people for Covid vaccinations – during the pandemic.
Mr Hunter said the plan now was to add the Take Me branding to the new addition, so that the Stoke cab company will become “InterCity powered by TAKE ME”.