Cardiff – CFI United Kingdom is pleased to announce that they acted as financial advisor to Veezu on its refinance from Santander and Tosca Debt Capital to enable the company to further grow its positioning as the UK’s largest multi-region private hire taxi company.
Veezu, which was founded in 2013, operated with more than 4650 active driver-partners during 2019, delivering more than 13 million private hire journeys per year, equating to an overall transaction value in excess of £120million. This performance places Veezu as the largest PHV taxi company in the UK. The company is currently operating in 12 locations across the UK via four major service hubs, each operating under established local brands – A2B Radio Cars in the West Midlands, Amber Cars in Leeds, Dragon Taxis in South Wales and V Cars in the South West.
Nathan Bowles, CEO at Veezu, said: “We are grateful to Santander, CFI United Kingdom, Tosca Debt Capital and Osborne Clark for the time they have taken to understand our business and the belief they have shown in our growth strategy. With their support we have been able to realign the shareholding and exit funding arrangements that was restrictive to our growth plans. Whilst we thank all those who exited at this stage in our journey for the support they had shown Veezu to date, we are now extremely excited about accelerating our growth in 2020.”
“This latest refinance supports our ambition to grow our presence in our existing operating regions and to broaden our position as the UK’s number one hyperlocal journey provider.”
Jason Evans said: “Veezu has a best-in-class management team which, under Nathan’s strategic leadership, has delivered an exemplary growth track record and is a true market-leader in its sector. “Veezu is recognised as the predominant independent consolidator in the UK private hire vehicle market and we are delighted to have acted on the refinancing in what is an exciting and evolving sector. “Our extensive knowledge of the funder market has delivered a tailor-made debt solution enabling a reorganisation of Veezu’s shareholder base and providing the financial backing for the next stage of its strategic growth, converting its significant acquisition pipeline.”
CFI UK acted as lead advisors on the transaction. CFI UK were responsible for initiating the transaction, negotiating terms with Veezu’s exiting shareholders and advising Veezu on raising its facilities from Santander and Tosca Debt Capital.
The transaction closed in December 2019.
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