Seneca Corporate Finance (“SCF”) have advised the shareholders of Wirral based taxi and private hire firm Argyle Satellite on the sale of the business to a global transport group which has expanded its UK presence with the acquisition.
Singapore-headquartered, publicly listed ComfortDelGro Corporation, through its CityFleet Networks subsidiary, has acquired Argyle Satellite Ltd and Argyle Satellite Contract Services Ltd “) for a consideration of £7m.
AST manages more than 700 self-employed drivers on and handles in the region of 200 active corporate accounts. ComfortDelGro Corporation expect AST to complement CityFleet’s existing 400-strong taxi operation in Liverpool.
AST currently operates across three licensing areas in Liverpool City Region – The Wirral, Liverpool and Cheshire West, as well as Chester. In addition to existing licensing areas, AST also recently acquired a licence in the Sefton area which will facilitate growth in that borough and add to the overall fleet strength.
ComfortDelGro managing director Yang Ban Seng said: “This acquisition is line with our intention to grow our operations in the UK outside of London.
“It will expand, synergise and consolidate our position as the leading point-to-point passenger transport operator in Liverpool through an expansion of the customer base and driver pool.”
Besides taxi and private hire operations in Liverpool, the ComfortDelGro Corporation operates a fleet of about 3,000 radio taxis in London and Aberdeen. Another UK subsidiary Metroline is a public bus operator in London with a fleet of close to 1,600 buses and its executive coach subsidiary, Westbus Coach Services, provides executive coach services across the UK and mainland Europe.
The group also operates close to 100 coaches, linking all the major towns in Scotland and offering cross-border services to London via Manchester and Newcastle, through its 65 per cent-owned Scottish Citylink Coaches.
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.