MBH Corporation plc (MBH), a diversified investment holding company, has bought Victoria Gosden Travel Limited (VGT) – a well-established taxi and licensed private hire operator covering the Waverly, Hart and Rushmoor areas of the South-East of the UK.
ADT Taxis aims to become a national taxi operator, as it builds the TAKE ME taxi network across the UK.
VGT joins ADT Taxis in MBH’s transport vertical and boosts the pro-forma revenues of MBH group companies to £104m for the financial year ending 2020.
This is the latest step in a highly active year for MBH as VGT becomes the 12th acquisition of 2020 and the fourth of the last six weeks as the company looks to close the year with a burst of activity.
MBH’s considerable acquisition drive continues with the announcement of the acquisition of VGT who become the 22nd company within the MBH portfolio and their 12th acquisition of 2020.
VGT has a highly experienced leadership team, a trait it shares with all other MBH acquisitions. Gary Marshall, the MD of VGT, boasts over 30 years of experience in the taxi industry and 16 years as a software supplier to the taxi industry. For the financial year 2020 VGT’s audited EBIT was £278,545 and it has assets of £1.18m.
The total consideration for the acquisition of VGT is approximately £1.3m-£2m of which majority will be settled by way of a listed bond in accordance with the MBH bond programme with the following terms:
- 5-year maturity with principal payable at maturity; and
- 5% coupon rate per annum payable semi-annually
VGT is a well-established taxi and licensed private hire operator covering the Waverly, Hart and Rushmoor areas of the South-East of the UK and has been operating since 2002.
That year, it launched with just one car working exclusively on home to school contracts for Hampshire and Surrey county council. Over its 18 years VGT has acquired a number of other taxi firms to grow into a 100 vehicle fleet covering most aspects of passenger transport.
Gary Marshall, Managing Director, VGT, said: ‘This is a fantastic opportunity for us. We have spent the last 7 years growing VGT to a 100 car fleet. Joining with MBH has allowed us to release equity in the business, remain in control of the company and remove the limiting factors allowing us to grow the business further.
“Added to this is a pool of business leaders, working together with similar aims, all wanting to drive the business forward. I am particularly looking forward to working with the ADT Taxis team in our shared goal to create a national taxi network.’
David Hunter, CEO, ADT (Take Me (Group) Ltd), said: ‘We are delighted to bring in Gary Marshall and his wife Sam to the MBH Taxi network as we build the TAKE ME taxi network across the UK.
“In a hugely challenging year for our industry we’ve been able to build our company and brand by diversifying into food deliveries, building an exceptional app and through growth of school and NHS contracts.
“As we continue to grow, VGT will be an amazing addition to our brand. Gary already has companies in our trade around him, lined up to join his Farnborough hub and we look forward to assisting them with new technology and streamlining as we grow.”
Callum Laing, CEO, MBH Corporation plc, commented: “This has been an incredibly productive year for us as a Group. VGT joining our other company ADT in the transport vertical is incredibly exciting and gives us a good footing to expand the fleet further in 2021. VGT has been a reliable and well-respected business for nearly two decades and it will be great to have Gary joining our team.”
About Victoria Gosden Travel Ltd
VGT is a taxi and licensed private hire operator in the Waverly, Rushmoor, and Hart areas in south-east UK.
MBH Corporation plc is a diversified investment holding company, listed on the Frankfurt and Dusseldorf Stock Exchanges. The company acquires small to medium bfd across multiple geographies and sectors that are well established, profitable and looking to scale.
By leveraging the Agglomeration strategy, MBH Corporation plc is able to create substantial shareholder value through the consistent and accretive acquisition of excellent companies.