VEEZU (Newport)

Origins

The founders had experienced a consolidation play previously in the Insurance Sector, and saw this sector as ripe for the same experience. Uber and other new technologies have started to enter the UK market, which has lit the torch paper to consolidation, and this was the motivation for Veezu to provide an option for exiting businesses, of which there will be many. The sector is also extremely profitable when commercialised.

Our main challenges when starting the business

The major challenges in starting Veezu were resource and industry credibility. To secure funding at the outset involved several months of industry due-diligence, growth planning and commitment from a “top-heavy” team to ensure a suitable credible consolidation proposal was recognised and subsequently supported.

Success Factor

The three main success factors have been the introduction of KPI’s to drive performance and organic growth, acquisition of taxi firms to enable the business to grow quickly and the offering of ancillary services to drivers such as cars, insurance and claims management.

The Future

The business plans to invest in key infrastructure developments including a mobile application, Interactive Voice Response (IVR) and cloud based technology. The target by December 2018 is £25m EBITDA and 12,000 cars. This will make Veezu the UK’s Number 1 private hire business and then a viable exit will be sought.