Cheyne Capital and Liam Griffin, the owners of Addison Lee, have engaged investment bank Jefferies to explore a possible sale of the well-known London minicab firm.

Addison Lee, which has been a fixture on London’s roads since its founding in 1975, is now being considered for sale by its majority shareholder, Cheyne Capital’s Strategic Value Credit arm, and Liam Griffin, the son of the company’s founder John Griffin. The process is reportedly at an early stage and may not necessarily result in a sale.

The valuation of Addison Lee in any potential transaction remains uncertain. The company, which handles approximately seven million passenger journeys in London annually, was acquired by Cheyne Capital and Liam Griffin in 2020 following a competitive struggle for control involving Addison Lee’s lenders.

Liam Griffin mentioned earlier this year that post-pandemic shifts in working patterns have led to a revenue slowdown for the firm. Addison Lee faces stiff competition from ride-hailing giants like Uber as well as traditional black cabs in London.