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Close Brothers Asset Finance helps taxi rental firm weather pandemic

Close Brothers Asset Finance has provided Black Taxi Rentals with a Coronavirus Business Interruption Loan Scheme (CBILS) facility that has not only allowed the firm to trade through the pandemic but to grow its fleet of electric taxis.

Based in London, Black Taxis Rentals rents a fleet of over 300 of the latest TX taxis, all of which are fully insured and maintained. This includes a significant number of fully-electric TX taxi models.

Alan Cardy, Dealer Manager for Close Brothers Asset Finance’s Transport division: “Almost no business has been unaffected by COVID-19 and that includes Black Taxi Rentals, who suffered a significant loss of income since travel restrictions were put in place.

“We are really pleased we were able to restructure their existing fleet finance, lowering their initial repayments, which has enabled them to reinvest in their fleet and continue to trade under current and future restrictions.”

Eugene Parete, Director of Black Taxi Rentals, added: “It’s been a very difficult time for the taxi sector and we are really grateful Close Brothers Asset Finance stepped up, continuing to help businesses like our own.

“The deal gives us both peace of mind and a pathway for the business into the future.”

Photos:

  • Eugene Parete and Vincent O'Malley of Black Taxi Rentals congratulate another new driver taking delivery of the latest ‘70 plate TXE cab, financed with the help Close Brothers Asset Finance