Fri, 27 Dec 2024 | BUSINESS NEWS
Sherbet Electric Taxi Company is targeting growth through acquisitions after securing a £1.6 million asset refinance deal.
The Central London-based electric taxi company offers three main services – Sherbet Ride, where passengers can hail rides around the capital, Sherbet Drive, which is a rental service for Knowledge qualified and TfL Licensed drivers, and Sherbet Advertise, which is an in-house media agency specialising in electric taxi advertising and PR packages for brands.
The latter has worked with companies such as Footlocker and Cult Beauty.
Sherbet said it is set to triple its operations in the next year through mergers and acquisitions, supported by funding from Reward Funding.
The cash has already enabled the company to open its flagship Camden headquarters and expand its fleet to over 450 electric taxis.
The new headquarters will also house a 24/7 café and community hub, launching in January. Designed to support licensed taxi drivers and the local community, the hub aims to provide a safe, welcoming space for those feeling vulnerable or in need.
Owned by Asher Moses, Sherbet has been at the forefront of innovation in London's taxi trade for decades, from introducing card payments to championing green initiatives. The company continues to support Transport for London's mission to reduce pollution across the capital.
Moses said: "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 decarbonise our entire fleet and invested greatly in supporting Transport for London and its target to eliminate emissions across the capital."
He added: "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."
The deal between Sherbet Electric Taxi Company and Reward Funding was brokered by Ethos Asset Finance.
Robert Still, managing director of Reward Asset Finance, said: "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. 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."
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