MBH Corporation Plc (FRA:MBH) has acquired Victoria Gosden Travel Limited (VGT), its 12th acquisition of 2020 and the fourth in the last six weeks.
VGT joins ADT Taxis in MBH’s transport vertical and boosts the pro-forma revenues of MBH group companies to £104mln for the financial year ending 2020.
In operation since 2002, VGT is a taxi and licensed private hire operator covering the Waverly, Hart and Rushmoor areas of the South-East of the UK.
The business has grown from just one vehicle into a 100-vehicle fleet now covering most aspects of passenger transport.
Gary Marshall, VGTs managing director has more than 30 years of experience in the taxi industry and 16 years as a software supplier to the taxi industry.
For the financial year 2020, VGT’s audited EBIT (underlying profit) was £278,545 with assets of £1.18mln.
The acquisition consideration is between £1.3mln to £2mln, most of which will be settled by a listed bond.
Gary Marshall, said: “This is a fantastic opportunity for us. We have spent the last 7 years growing VGT to a 100 car fleet. Joining with MBH has allowed us to release equity in the business, remain in control of the company and remove the limiting factors allowing us to grow the business further.”
David Hunter, chief executive of ADT (Take Me (Group) Ltd), said: “As we continue to grow, VGT will be an amazing addition to our brand. Gary already has companies in our trade around him, lined up to join his Farnborough hub and we look forward to assisting them with new technology and streamlining as we grow.’
Callum Laing, Frankfurt-listed MBH’s chief executive added: “This has been an incredibly productive year for us as a Group. VGT joining our other company ADT in the transport vertical is incredibly exciting and gives us a good footing to expand the fleet further in 2021. VGT has been a reliable and well-respected business for nearly 2 decades and it will be great to have Gary joining our team.”