Sale of Argyle Satellite Taxis to ComfortDelGro Corporation
Deal Type: Sale
Deal Size: £7.0m
Seneca Corporate Finance acted as the lead adviser to the shareholders of Argyle Satellite Ltd and Argyle Satellite Contract Services Ltd (together known as “AST”) on the sale of the business to Singapore-headquartered ComfortDelGro Corporation, through its CityFleet Networks subsidiary.
AST manages more than 700 self-employed drivers on its circuit and handles about 200 active corporate accounts and currently operates across three licensing areas in Liverpool City Region – The Wirral, Liverpool and Cheshire West, as well as Chester.
ComfortDelGro Corporation is a Singapore-headquartered company and made the acquisition through its CityFleet Networks subsidiary. Besides taxi and private hire operations in Liverpool, the acquiring group operates a fleet of about 3,000 radio taxis in London and Aberdeen.
Apart from its business in Singapore, ComfortDelGro has a significant overseas presence. The group’s operations currently extend from the UK and Ireland to Australia, Vietnam, Malaysia, as well as across 11 cities in China, including Beijing, Shanghai, Guangzhou, Shenyang and Chengdu.