£1.6m asset refinance deal drives growth of leading London electric taxi company
A leading eco-friendly electric taxi company based in central London is driving forward with its ambitious growth plans and opening a new local community hub, after securing a £1.6m asset refinance deal.
Sherbet Electric Taxi Company, which is committed to reducing London’s carbon footprint, is now aiming to treble the size of its business in the next 12 months through a range of mergers and acquisitions, after receiving the asset finance facility from Reward Funding.
The injection of working capital has helped the firm navigate the opening of its new flagship headquarters in Camden earlier this year and further expand its 450-strong fleet of electric taxis.
With Reward providing asset-secured funding to help businesses thrive, Sherbet is also utilising the finance to transform part of its new headquarters into a café and community hub that will launch in January. In addition to being open 24/7 for the licensed taxi community to improve the support infrastructure for drivers, the café will also welcome anyone locally who may be feeling vulnerable or simply needing access to a safe place.
Sherbet is owned by experienced business leader Asher Moses, who has dedicated over 20 years to driving innovation across London’s iconic black taxis. He first became a licensed hackney carriage driver in 1989 and went on to acquire small fleets of vehicles to begin the journey towards establishing Sherbet as a market leader.
Asher also spearheaded the first credit and debit card payments for the London taxi trade in the early 1990s and played a key role in the commercialisation of taxi vehicle advertising. He is now fully committed to driving the green agenda and supporting Transport for London’s strategy to tackle pollution across the capital.
Asher Moses, founder and owner of Sherbet Electric Taxi Company, commented: “Our growth plans have really accelerated in the last 12 months due to growing corporate demand for greener transport solutions, the expansion of our electric vehicle fleet and the opening of our new headquarters. We’ve also decommissioned 250 diesel powered vehicles to completely decarbonize our entire fleet and invested greatly in supporting Transport for London and its target to eliminate emissions across the capital.
“As more companies turn to us to help reduce their carbon footprint and meet their ESG targets, we needed an agile finance solution from Reward to ensure we continue to seize this market opportunity and don’t stand still as a business. We’re now looking forward to opening the new community hub in the new year and aiming to treble in size through a range of strategic mergers and acquisitions that stay true to our overall values and vision.”
Robert Still, managing director of Reward Asset Finance, commented: “As a lender which cares greatly about our responsibility to the environment, we’re extremely proud to be helping fund the growth of a business that is doing so much to tackle vehicle pollution across London.
“Our mission is to deliver responsive asset finance solutions to companies seeking to unlock new market opportunities, foster innovation, and drive growth. Sherbet Electric Taxi Company exemplifies how we empower businesses to access a higher level of funding than traditional banks by utilising the equity in their assets. We look forward to being part of their journey moving forwards and supporting their continued expansion.”
The deal between Sherbet Electric Taxi Company and Reward Funding was brokered by Ethos Asset Finance.
