Yorkshire Bank has backed a Wrexham taxi firm’s acquisition of a rival cab company for an undisclosed six figure sum.
The bank’s Financial Solutions Centre in Liverpool helped finance Wrexham & Prestige Taxis’ deal to buy Club Cars Wrexham, which will increase its fleet of cars to more than 100 and take turnover to over £1 million.
Mark Coates, Wrexham & Prestige Taxis owner, said: “It has always been an ambition to be the biggest and best taxi firm in the area. This acquisition is an excellent fit with our existing taxi operations and will really put us on the map in North Wales.
“I’m sure this investment will bring significant benefits to not just the business but also our customers, drivers and staff. I’m looking forward to working together to take the business onto another level and continue with our expansion plans through further acquisitions in the future.”
Wrexham & Prestige Taxis was founded in 1985 by Mark Coates who used £500 redundancy money to acquire Crown Cars. Since then, he has bought and sold several local firms to establish one of the largest taxi fleets in North Wales.
Today the company employs 15 full-time staff and more than 100 self-employed drivers and provides round the clock services, including contracts with several blue chip clients.
Mike Scott, a partner at the bank’s Financial Solutions Centre in Liverpool, arranged the finance for the acquisition. He said: “Wrexham & Prestige Taxis is an ambitious but well established business which is literally going places!
“Mark Coates approached Yorkshire Bank to support the company’s growth plans and given Wrexham & Prestige Taxis’ track record and sound business plan we were more than happy to help finance the deal.
“Wrexham & Prestige Taxis is a very well run business and we are proud to be supporting it. Even during these challenging times, the business is well placed for continued growth. They seem to have the right offer and this is an exciting period for the company.”
Mitchell Charlesworth Chartered Accountants and Business Advisors, based in Chester, also advised the owner, Mark Coates, on the deal and provided cashflow projections and business plans.
Greg Harris, from Mitchell Charlesworth, added: “Wrexham & Prestige Taxis is a forward-thinking company and we are well aware of its ambitions and success. Their goal now is to build on this latest acquisition to become the region’s number one taxi company.”