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Addison Lee sold for £300m

A minicab firm founded with one car in 1975 has been sold to private equity giant Carlyle Group in a £300 million deal.

The sale of Addison Lee marks a major windfall for John Griffin, who founded the company in south London with business partner Lenny Foster.

The Griffin and Foster families will retain minority stakes while Carlyle Group, the world's second-biggest private equity group, takes control.

Addison Lee has now 4,500 cars across the capital, ferrying about 10 million passengers and 1 million deliveries per year.

It has grown through the downturn with the help of technology including GPS tracking and smartphone apps.