London minicab firm Addison Lee sold for £300m

A minicab firm which started in London in the 1970s with one car has been sold for £300m to a private equity firm.

Addison Lee, which started in 1975 in south London and now has 4,500 cars, has been bought by the Carlyle Group.

Carlyle said it hoped to expand the firm into international markets and continue to transport about 10 million passengers each year in London.

Founder John Griffin will remain chairman of the company and his son Liam will be chief executive.

Mr Griffin entered the trade after he gave up his accountancy apprenticeship to help his father.

He founded the company with Lenny Foster and both will retain minority stakes in the business.

Liam Griffin said: "From humble beginnings almost 40 years ago, Addison Lee has grown to become a well-known brand."

In a statement, Carlyle said: "The focus for Carlyle's investment in Addison Lee will be to drive business expansion both in the UK and internationally."