MBH Corporation PLC flags down another taxi business to strengthen trasport arm

(FRA:M8H, ) has added another profitable UK taxi business to its transport vertical.

The acquisition of Intercity Taxis, based in Stoke-on-Trent, is the group’s fourth acquisition this year, its 26th in total and its fourth taxi firm.

Intercity Taxis, which was founded 40 years ago and currently has a fleet of 120 taxis, generated an underlying profit (EBIT) of £0.5mln from £2.1mln of revenue for the year to 31 May 2020.

The taxi firm’s largest account is with Staffordshire County Council, with several other local authorities using its services for the school run.

MBH will pay a total consideration for the acquisition of roughly £3mln-4mln, pending audit, which will be settled mostly by way of MBH’s listed bonds.

Intercity will form part of MBH’s existing Take Me taxi business, formed around the previous acquisition of ADT Taxis.

David Hunter, chief executive of Take Me, 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 which we’re proud to be a part of.”

Callum Laing, CEO of MBH, 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.”