CityFleet Networks has bought the Liverpool city region business, which operates more than 700 vehicles across the Wirral peninsula. Tony McDonough reports
National taxi and private hire specialist CityFleet Networks has acquired Wirral-based Argyle Satellite Taxis, in a seven-figure deal.
Argyle operates more than 700 vehicles across Wirral – a growth in its fleet of 40% over the past three years. Its private hire vehicles currently complete around 4m journeys ever year.
London-based CityFleet Networks now plans to build on the growth of Argyle Satellite, developing it as a hub for further expansion and investment. It is the company’s largest move into the private hire vehicle market outside of London. It has previously acquired Mersey Cabs in 2008.
The deal will see Argyle Satellite focus on further investment in technology, creating improvements for the passenger and drivers, while enabling the service to extend across the Wirral Peninsula.
Chris Jordan, former director at Argyle Satellite Taxis, said: “CityFleet has ambitious plans to continue improving the taxi experience for its customers and drivers in the North West. I’m sure they will prove to be the perfect stewards to take Argyle Satellite to the next level.
“Karen Long and the team at CityFleet are 100% committed to upholding Argyle’s proud tradition and working with our dedicated staff and management to take the business forward as we enter into this new era.”
The deal was managed by Seneca Corporate Finance (Argyle Satellite Taxis) and Wilkins Kenney Corporate Finance (CityFleet Networks) with legal representation David Wilkinson and Mary Erb from Fieldfisher (CityFleet Networks) and Sue Russell from Hill Dickinson (Argyle Satellite Taxis).
Karen Long, CityFleet Networks general manager in the North West, added: “This deal between CityFleet Networks and Argyle Satellite presents us with a strong brand, a robust business, and a great opportunity to grow and invest in an area that is very close to our hearts, having already acquired Mersey Cabs, which is now ComCab Liverpool.
“I joined the company almost 30 years ago, CityFleet Networks acquired MerseyCabs in 2008 and so I have also seen first-hand the benefits that a merger can have on a company in this sector.”