On a daily basis, drivers were facing a harsh reality with 30 to 60% downtime affecting their bottom line; the business model of street hailing was proving highly inefficient in modern times.
Impatient, time-pressed commuters were turning to other options that better suited their lifestyles, organising cabs in advance rather than taking a gamble in attempting to hail one on the street. Private hire firms such as Addison Lee and local mini-cab companies were capitalising on the changing needs of passengers, and began to lure passengers away from black cabs at an alarming rate.
By August 2011, Addison Lee had reported profit growth which swelled by 62% to £7.6 million for the year. Company reports also show the group’s turnover rose by one-fifth to £127.5 million during the year.
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