Sun, 24 Apr 2011 | BUSINESS SALE
City Car Club has been put up for sale for a reported £10 million after having received solicitations from potential trade and private equity buyers.
According to the Sunday Times, Cavendish Corporate Finance has been retained to sell the business following the approaches.
The vehicle sharing company has cars available for pick-up by subscription-paying members across thirteen cities around the UK.
Founded in 2000, City Car Club is run by Australian-born early stage investor James Finlayson who owns 30 per cent of the company.
In the summer of 2009, City Car Club acquired a rival, WhizzGo, and in 2010 expanded the fleet to include vans.
The company now has a turnover of £3.5 million, and is forecast to break into profit next year.
The car sharing sector has shown strong growth over the past few years as more people have looked to trim household and business costs associated with owning and running their own vehicles. The American company Zipcar, who have just enjoyed a successful stock market flotation, bought Streetcar, one of City Car Club’s main rivals last year.
As more motor vehicle industry players including Hertz, BMW and Daimler join the car sharing party, the marketplace will soon become very competitive.
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