Business Bio

The acquired business, which has been trading successfully for over 60 years, provides cab rental and additional services authorised by the London Taxi Industry (LTI), such as fleet vehicle servicing, vehicle repair and maintenance, non-fault accident repairs and the installation of dash-cams, meters and credit card systems.

Loan Amount

£3,000,000

Region

London

Funding Need

Acquisition funding

Sector

Transport


Their Journey

ThinCats has provided a £3,000,000 funding package in order to facilitate the acquisition of a long-established London-based taxi rental firm.

The incoming owner and managing director of the company, Ibrar Rahim, comes with significant experience of running family owned businesses. He has ambitious plans to maximise the performance of this already highly profitable taxi rental business and garage, through opening up new income streams which will drive future growth and digitising processes to create further efficiencies.

The acquired business, which has been trading successfully for over 60 years, provides cab rental and additional services authorised by the London Taxi Industry (LTI), such as fleet vehicle servicing, vehicle repair and maintenance, non-fault accident repairs and the installation of dash-cams, meters and credit card systems.

Ibrar Rahim explained: “With the mainstream banks appearing increasingly reluctant to fund entrepreneurial businesses, regardless of the robust nature of the model and the business plans presented, I quickly recognised the need to explore alternative finance options. I was referred to Rangewell, who specialise in MBOs and MBIs for owner managed businesses, and they quickly identified ThinCats as a suitable lender.

“ThinCats were able to relate well to our sector and were very diligent, asking the right questions to gain a detailed understanding of our business model and future plans. Communications were excellent throughout the deal process and they were receptive, easy to work with, transparent and very supportive of the stakeholders involved. They ensured that the valuations were conducted quickly to make this deal a reality. In short, ThinCats are brilliant - they know finance.”

Natasha Jacobs, co-founder of Rangewell, said: “Rangewell specialise in helping owner managed businesses find appropriate and affordable finance and work with a huge range of lenders who finance MBOs and MBIs. We quickly identified that ThinCats would be the ideal fit to fund this transaction. ThinCats are real lenders who are willing to sit down and talk to both the buyer and the seller, understand their requirements and be creative in structuring a deal that supports the objectives of both parties in an affordable and appropriate way, rather than conducting a standard box ticking exercise.  They not only looked at the historic financials but also gave consideration to the projections for the business, applying their experience and credit knowledge to complete the transaction in a timely manner.”

Dave Sherrington, Regional Director, Business Development at ThinCats, said: “We are delighted to support Ibrar in this exciting acquisition and can see a strong future for the business with its planned implementation of new initiatives and process transformation. In many ways, this transaction represents what ThinCats does best, understanding the challenges and opportunities facing entrepreneurial businesses and working proactively to help our clients achieve their strategic objectives with certainty.”

 

ThinCats were able to relate well to our sector and were very diligent, asking the right questions to gain a detailed understanding of our business model and future plans. Communications were excellent throughout the deal process and they were receptive, easy to work with, transparent and very supportive of the stakeholders involved. They ensured that the valuations were conducted quickly to make this deal a reality

Ibrar Rahim, Owner of Cricklewood

 

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