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Report: Carlyle urges advisers to sell UK taxi company Addison Lee by early 2020

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Report: Carlyle urges advisers to sell UK taxi company Addison Lee by early 2020

Carlyle Group LP has asked advisers Bank of America Merrill Lynch and Rothschild to sell London-based taxi operator Addison Lee PLC by early 2020 to avoid a debt restructuring or extension, London's Financial Times reported, citing people familiar with the process.

The private equity giant is in discussions with potential buyers, which began in early 2019, the publication reported, citing a person close to the process. In August, Carlyle was considering a U.S. listing for the company.

The auction could carry on at least until the end of 2019, another person familiar with the situation told the publication. However, the firm could explore other options such as restructuring talks with lenders behind the business including Dutch bank ING, the source added.

Addison Lee confirmed Oct. 14 that the banks were evaluating its future capital structure with a focus on an ongoing sales process, according to the report.

Carlyle, which did not comment on the matter, acquired the business for approximately £300 million from founder John Griffin in 2013.