The funding deal came up when Addison Lee announced that the company earnings for last year increased by a fifth to £127.5m.
Addison Lee, being the largest minicab company in London is hopeful to extend outside the M25. John Griffin, founder of the Addison Lee mentioned that the finance line granted by Barclays will help them in increasing its fleet of vehicles through the procurement of the car service operations of Lewis Day.
Though Griffin is not completely passionate about the Olympics, he needs authorization to utilize the bus lanes. He says that the company will be "big players" in the Olympic games.
The taxi sector has observed a number of new participants with the development of social media. Hailo for instance assess passengers and licensed taxi drivers through a smartphone application. It is supported by one of Spotify's original backers and the investment vehicle of Skype co-founder Niklas Zennstrom.