Profitable Black Cab Company in London with £1M Vehicle Assets
City of London, London
- Status
FOR SALE
- Date Submitted:
16/06/23
- Advert ID
515013
- Reference
BPD2310253 / Rightbiz
- Call Agent:
- Asking Price: £1,000,000
- Turnover: £600,000 (£11,538 Per week)
- Net Profit: On request
Key Features
- High Turnover
- Large Business for Sale
- Prime Location
- Established Business
- Town Centre location
Business Details
Profitable London ‘Black Cab’ Company
• Long established and resilient business
• c£1,000,000 vehicle assets net value
• Relocatable, no fixed premises required.
• Partial Asset finance available
• Demand is outstripping supply for vehicles.
This Licensed London Hackney Carriage ‘Black Cab’ company has been established for over 40 years and currently owes a fleet of 60 plus black cabs (both diesel and electric). Most of the cabs have been fully paid off and the vehicle asset value is approximately £1,000,000 after deduction of finance payments owing. The firm owns and hires the taxis to the qualified drivers and provides MOT, repairs, breakdown cover, insurance, licensing, and servicing. The drivers usually stay with the firm on a long-term basis most for 5 years plus and some for more than 10 years. The fleet is being steadily upgraded and is on course to satisfy all requirements relating to the phasing out of diesel vehicles and phasing in of electric vehicles. The Drivers pay weekly for the rental of the vehicle and pay for all fuel costs. Additional income is earned by the business through advertising contracts (£1,000 per taxi per annum). The business has been consistently profitable apart from during COVID (financial accounts impacted years ending March 2021 and March 2022). It has now returned to pre COVID levels of turnover and profitability and offers a new owner a steady and reliable income stream. There is currently a shortage of cabs for the demand from drivers and so future trading is looking very positive so there is a great foundation for expansion. The current owner is happy to offer a handover to help a new owner understand the operations.
Turnover £600,000 fixed assets c £1,000,000
Contact Agent
Listing Statistics
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Stay Safe
Do not pay any deposit to private sellers upfront. If you are looking to purchase a business, we advise that any deposits or transactions made are through a solicitor to prevent fraudulent activities from occuring.
Stay Safe
Don't share confidential information with any private sellers, including your home address, account passwords, bank accounts and credit card information.
Stay Safe
The vast majority of these scams involve the transfer of substantial sums of money. We advise all transactions made are through a solicitor to prevent fraudulent activities from occuring.
Stay Safe
Send a test amount before you consider handing over a large number of funds. Maybe even try transferring £1, and then speaking to your solicitor to confirm receipt.
Stay Safe
Do not disclose proof of funds directly to the sellers. If the sellers request you to show proof of funds, we advise that it is done through a solicitor to prevent fraudulent activities from occuring.
Stay Safe
Buying a business is not covered by consumer rights legislation. It is your responsibility to acquire a business that holds up in quality and agreement.
Stay Safe
Fraudsters will typically use false news in an attempt to get you to act quickly. For example, 'Your account has been disabled. Reset your password now.'.
Stay Safe
Review the performance of a business to make appropriate financial projections. Some businesses are dormant or not trading, so it is essential to check their short and long-term potential.
Stay Safe
Legitimate emails from Rightbiz will be with the domain @rightbiz.co.uk. However, emails from [email protected], [email protected] or [email protected] are not affiliated with Rightbiz.
Be safe, use a Rightbiz Solicitor
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