Business as usual for Black & White Cabs after P2P Transport goes into voluntary administration
Black & White Cabs' former owner and taxi industry veteran Greg Webb has announced he is leading a group of investors who will recapitalise and then acquire the cab company after its holding company, P2P Transport Limited entered into voluntary administration today. Black & White Cabs is not impacted by the parent company's situation.
The Black & White Cabs boss assured passengers, clients and drivers it's business as usual for Black & White Cabs, which has operated profitably for the past 26 years and throughout the COVID-19 period. The company's growth can be seen in the 42 per cent increase in the number of Black & White Cabs on the road from July 2017 to now.
The recapitalisation will save 140 jobs and keep the fleet on the roads in Queensland, NSW, Victoria and Western Australia.
Mr Webb said he expects Black & White Cabs to emerge as a stronger, more profitable company, having seen year-on-year growth through geographic expansion, long-term revenue-steady corporate accounts, and a return of passengers from rideshare to taxis in recent times.
"Black & White Cabs has been a profitable business for 26-years, and will continue to be profitable," Mr Webb said.
"Today's Black & White Cabs is a modern transport company with revenue from long-term contracts with councils, companies and state and federal government to transport staff, elderly people, students and people with a disability. These contracts are all held directly with Black & White Cabs, so they'll continue to operate as business as usual.
"Black & White Cabs is a well-known brand, with a well-oiled booking service and mobile app, and more than 3,000 cab drivers, operators and owners.
"Black & White Cabs will focus on marketing the booking service and generating long-term transport contracts for our drivers.
"Over the past year, we've seen ongoing growth in the business."
"The honeymoon period with rideshare is coming to an end. Drivers are coming back to Black & White Cabs because they know we can give them more consistent work from our transport contracts, plus they get fares from ranks or people hailing cabs, representing 50% of all fares in the past six months.
"We will retain all our staff."
As one of P2P's largest creditors, Mr Webb will lead a group of investors in revitalising and recapitalising Black & White Cabs.
Black & White Cabs has continued to expand into new markets in recent years and we launched a new service on the Gold Coast just last week (23 November 2020)," Mr Webb said.
He says the well-known and trusted brand of Black & White Cabs will continue stronger than ever and financially sound.
"Drivers are also returning to Black & White Cabs after realising rideshare operating costs, including maintaining their own vehicle and fees to the rideshare company (27.5% of each rideshare booking), outweigh the income earned.
"Owners, operators and drivers know us and trust the Black & White Cabs brand. And the staff of Black & White Cabs know the industry inside out, with hundreds of years' experience in the cab industry between them."
