When alternatives firm The Carlyle Group bought minicab company Addison Lee in April 2013 for a reported £300 million, Uber was a speck on the horizon. Three years on and the industry, once neglected by entrepreneurs and investors, has become a hotbed for innovation and competition. Black cabs and Addison Lee – once the driving forces behind much of the capital’s private hire activity – are having to adapt to keep pace.

At the time of the buyout, Uber had a fraction of its now 25,000 strong fleet and UberX, its most frequently used method of travel, had yet to launch in London. Other ride-sharing apps like Hailo, Kabbee and Gett were still in their infancy, while black cabs continued to dominate the 'on the spot' pick-up market. By contrast, Addison Lee, founded in 1975, was in rude health. The company was the biggest player in London's £2.5 billion minicab market, with 4,500 cars, revenues of £90 million a year and about a 10% share of the market.