Addison Lee buys Tristar Worldwide in £50m deal
With the news of Brexit threatening the idea of cross-boarder business ventures it appears UK hire firm, Addison Lee, refuse to play to predictions, today making a bolt business move that will change the hire market for the better.
Addison Lee has today released the news that they have purchased Tristar Worldwide for £50 million, forming Europe’s largest executive car service. Both focused at the higher end of the market this partnership is a corporate marriage that just makes sense, one that will no doubt continue to expand.
Addison Lee chief executive officer Andy Boland said: “This is a major landmark for our business. Coming together with Tristar means our shared ethos and commitment to quality, service and reliability can be expanded globally.”
Whilst many commentators suggested that the introduction of Uber could possibly affect the longevity of the traditionally London-based business it appears to have fought back, now set to operate in the US, Asia and continental Europe. Launching a new app that is now in use in Edinburgh, Liverpool and Cambridge could Uber have given the firm the boost they needed to branch out?
“Working with our partners, we will have a presence in 25 UK cities by the end of the year.” Boland continued.
5,000 –strong fleet
The combined Addison Lee-Tristar fleet now exists as Europe’s largest car service operator, supported by a workforce of 800 individuals.
Boland said: “There will be significant growth in the executive car market following the 15% jump in volumes we saw in 2015. With Tristar, we will be able to take our service to the next level and into new markets around the world.”
Let us know what you think, was this a great move by Addison Lee? Let us know what you think.