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Upstart cab company gains toehold in London market
An upstart London cab company, challenging years of dominance by a pair of taxi outfits, will celebrate its early success Tuesday night.
Yellow London Taxi, established in October as a co-operative owned by the drivers it employs, will hold an event they say will be attended by several notable city politicians.
Having started with 12 drivers, the company now has 50 shareholders — drivers and plate owners — and 41 cabs on city streets.
In total, there are more than 300 cabs in London.
NDP MP Irene Mathyssen is expected to attend the event, as is London Mayor Anne Marie DeCicco-Best, the company says.
Though the company isn’t yet profitable, co-founder Hasan Savehilaghi says the company is close to that goal.
Coun. Stephen Orser, a one-time cabbie who in the past has pushed for change to London’s taxi system, applauded the emerging business for gaining a toehold during a recession.
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