Taxi owners celebrate sell-off windfall

May 3 2008 by The Journal

AROUND 30 taxi owner-drivers are celebrating a cash windfall believed to be at least £20,000 each after selling their company to one of Tyneside’s major operators.

Noda (Newcastle Owner Drivers’ Association) taxis – established as a not-profit company in 1947 – has been sold to Metro City Taxis.

The deal has taken over six months to complete. Each of its 34 owner-drivers – known as “members” had to approve the buy-out.

Mohammad Sulliman, owner of the city’s Metro City taxis and managing director of the new company, said: “We had to convince all 34 members to sign up to the deal. It was a complex negotiation because of the way Noda was set up in the beginning.

“The new merger means we have the largest fleet of taxis in Newcastle. We wanted Noda because of its history, its location, its size and because it was a professional company with blue chip corporate contracts. It is part of the heritage of Newcastle.”

Noda was established two years after the end of Second World War. The deal is believed to be worth around £700,000.

Mr Sulliman’s family bought its first taxi in 1988 and by 2004, was operating the largest Hackney carriage fleet in Newcastle.

In 2005, the business acquired Metro City from the then Go-Ahead group. The deal with Noda – which will retain its name and branding – will give the combined companies a fleet of 200 taxis. Noda’s former members will now become drivers employed by Metro City.

Eddie Binks, who was Noda chairman for 15 years, said: “This is good for everybody. We looked a this closely and it is a good deal for Noda and it is a good deal for Metro. They are two good companies. It has taken a long negotiation but we are happy to be where we wanted to be.”

The deal was brokered by Sintons Solicitors, which has acted for Mr Sulliman’s family for a number of years. Solicitor Amanda Maskery said: “ It was an interesting and unusual deal because of the way Noda was set up.”