DGAP-News 132 0 Kommentare MBH ADDS FURTHER GROWTH WITH ACQUISITION OF 4X LIMITED TAXIS - EXPANDING ITS TRANSPORT VERTICAL

DGAP-News: MBH Corporation Plc / Key word(s): Investment
MBH ADDS FURTHER GROWTH WITH ACQUISITION OF 4X LIMITED TAXIS - EXPANDING ITS TRANSPORT VERTICAL

15.03.2021 / 12:47
The issuer is solely responsible for the content of this announcement.

MBH ADDS FURTHER GROWTH WITH ACQUISITION OF 4X LIMITED TAXIS - EXPANDING ITS TRANSPORT VERTICAL

London, 15^th March 2021, MBH Corporation plc (MBH), a diversified investment holding company, is making its third acquisition of 2021, with Cambridgeshire based 4X taxis joining the burgeoning MBH portfolio as its 25th company.

MBH Corporation plc is adding further depth to its transportation vertical with the acquisition of 4X. 4X will reside under Take Me [Formerly ADT Taxis] as a tactical acquisition following MBH acquiring Take me in 2020.

4X is a long established company with an extensive fleet operating in and around Cambridgeshire. The 4X taxi fleet now numbers over 100 vehicles and has broad ranging contracts with local schools, hospitals, prisons and local businesses. As the nationwide lockdown and its accompanying reduction in freedom of movement has had an inevitable and significant impact on taxi and private hire companies, these contracts have been invaluable as a steady revenue stream to 4X.

Despite the pandemic's impact, 4X's 31 July 2020 unaudited revenue was £1.8m with an EBIT of £0.2m. With its significant fleet size and plans to make efficient and innovative use of technology to offer similar levels of service to ride hailing firms, 4X is well set to capitalise as the nation starts to emerge from lockdown.

4X is also making an important commitment to the environment by taking a proactive approach to replace any cars [that are currently being rented] from petrol/diesel to energy-efficient electric models. They are also offering driver incentives for switching to EV cars.

The total consideration for the acquisition of 4X is approximately GBP 1.0m to GBP 1.4m which will be settled by way of a listed bond in accordance with the MBH bond programme with the following terms: