Posted Wednesday 22nd April 2020
Joelson have assisted Liam Griffin and the new management team of Addison Lee as part of a significant restructuring of the Addison Lee group. The deal sees a new injection of capital from the current lenders and Liam Griffin returns to his former role as CEO along with the return of key members of the previous management team.
The deal will bring substantial additional investment to the private taxi firm, with part of the existing £230m debt being converted to equity. Furthermore, RMA Worldwide Chauffeured Transportation have purchased Addison Lee’s US arm becoming a partner under the brand for North America.
The timing of completion of the transaction on 23 March 2020 was essential to ensure that the Addison Lee group received additional support from lenders including Cheyne Capital to ensure that the group was able to face the challenges posed by the operational impact of Covid-19 and the ongoing structural changes in the sector.
The corporate and employment teams at Joelson worked closely with Liam Griffin and the new management team to finalize the deal working on the equity, debt and employment arrangements. The Team led by partner Phil Hails-Smith included partners David Grossbard, Jennifer Maxwell-Harris and David Greenhalgh, senior associate Reema Jethwa, associate Temidayo Bankole and solicitor Kate Morter.
Liam Griffin comments:
The deal will help to propel the Addison Lee brand forward and allow us to maintain our position as London’s most trusted car service. Thank you to the team at Joelson for their hard work and dedication in getting the deal completed, they have been a continuous support for to me and Addison Lee of the last 15 years and I’m pleased to have been able to work with Phil and the team again.
Phil Hails-Smith comments:
We are delighted to be working with Liam again as the CEO of Addison Lee. The deal itself and the timing was particularly challenging in particular in light the restrictions imposed due to Covid-19. We have worked with Liam and Addison Lee for many years and its great to be able to advise and support him in this next chapter of the journey with Addison Lee.
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