MBH Corporation has expanded again.
Fast-growing taxi group Take Me Group has made another acquisition, adding Stoke-on-Trent-based Intercity Taxis to the roster in a deal worth between £3m and £4m.
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 Leicester, run by David Hunter and Ashley Butcher.
Intercity Taxis was founded more than 50 years ago and operates a fleet of around 120 taxis. The company’s largest account is Staffordshire County Council, and numerous other local authorities use the company to provide school run services. Intercity Taxis recently took on an iCabbi dispatch system.
The company generated £2.1m in revenue 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.
And ADT Taxis managing director David Hunter said the company had more acquisitions in the pipeline to be announced in the near future, and has started to rebrand under the TAKE ME name for new group acquisitions.
David Hunter, CEO of Take Me Group, said: “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.”
MBH Corporation CEO 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.”
Meanwhile, existing TAKE ME fleet businesses including ADT Taxis, VGT Taxis in Fleet, Steve’s Taxis in Huntingdon and TC Cars in Birmingham have been carrying out essential work, including supermarket runs, food deliveries, transporting key workers and, recently, taking people for Covid vaccinations.
"With the current Covid restrictions being slowly reduced and customers starting to enjoy the newfound freedoms, David Hunter said the plan was to add the Take Me branding, so in time the company will become “InterCity powered by TAKE ME."