Case Study: Business grows its LEVC taxi fleet

Taxi Stop Ltd was formed in 2022 by company director Michael Eades. Michael has a long history of working within taxi related businesses so understands the industry well. For the past 4 years, Michael worked as Head of Driver Recruitment for a business with a large taxi rental fleet.

Opportunity

Having worked within the industry for a number of years, Michael recognised a supply and demand issue for electric black cabs within London. Spotting this gap in the market, Michael wanted to begin purchasing his own electric fleet for hire to taxi drivers within London.

To start with, Michael wanted to purchase three LEVC Taxis. Offering a total flexible range of 333 miles, these electric cabs are ideal for London taxi drivers. Michael approached Kingsley Smith, Dealer Manager with Close Brothers Asset Finance’s National Accounts & ESG team, for a funding solution.

Solution

Kingsley was able to help Michael purchase the new taxis through a Hire Purchase agreement. By using Hire Purchase, Taxi Stop Ltd were able to acquire the three LEVC taxis whilst paying for them in instalments over time, allowing the business to spread the cost of their investment.

Result

Taxi Stop Ltd were able to purchase the new taxis thanks to a suitable agreement provided by Close Brothers Asset Finance. These LEVC black cabs are already being hired out to drivers across London, and the business now plans to keep expanding their fleet to meet demand.

Kingsley commented: “We’re finding that many businesses are having to transition their fleets from combustion engine to electric and Close Brothers can help with that transition. In this case with Taxi Stop Ltd, Michael spotted a gap in the market and we were able to help him grow the business. I look forward to working with Michael on more agreements in the future.”

“Kingsley Smith and the team at Close Brothers Asset Finance have been great from start to finish, the deal was executed quickly and we are now able to hire out our new LEVC black cabs. I would work with Close Brothers again when it comes to expanding the business further.” Michael

Director of Taxi Stop Ltd.

Eardes,