Cabcharge shuts door

CABCHARGE has exited a British business as part of continuing efforts to cash out of assets it regards as “non-core”.

The taxi payment services group yesterday announced it had sold its 49 per cent stake in CityFleet Networks to its partner in that business, Singapore’s ComfortDelGro, for £7.9 million ($13.4 million).

The Australian company has incurred a loss on the sale of its stake, which was valued on its books at $21.7 million as of December 31 last year.