Company

Sherbet Electric Taxi Company is a London-based eco-friendly taxi business. It is owned by experienced business leader Asher Moses, who has dedicated over 20 years to driving innovation across the capital’s iconic black taxis.

Funding Requirement

Sherbet secured a £1.6m asset refinance deal to help it treble the size of its business in the next 12 months through a range of mergers and acquisitions. It has also helped fund the opening of a new local community hub.

Finance Solution

With Sherbet committed to reducing London’s carbon footprint, the injection of working capital has helped the firm navigate the opening of its new flagship headquarters in Camden and further expand its 450-strong fleet of electric taxis.

Sherbet is also utilising the finance to transform part of its new headquarters into a café and community hub. In addition to being open 24/7 for the licensed taxi community to improve the support infrastructure for drivers, the café will also welcome anyone locally who may be feeling vulnerable or simply needing access to a safe place.

Sherbet’s owner, Asher Moses, first became a licensed hackney carriage driver in 1989 and went on to acquire small fleets of vehicles to begin the journey towards establishing Sherbet as a market leader.

Asher also spearheaded the first credit and debit card payments for the London taxi trade in the early 1990s and played a key role in the commercialisation of taxi vehicle advertising. He is now fully committed to driving the green agenda and supporting Transport for London’s strategy to tackle pollution across the capital.

Robert Still, Managing Director of Reward Asset Finance, commented: “As a lender which cares greatly about our responsibility to the environment, we’re extremely proud to be helping fund the growth of a business that is doing so much to tackle vehicle pollution across London.

“Our mission is to deliver responsive asset finance solutions to companies seeking to unlock new market opportunities, foster innovation, and drive growth. Sherbet Electric Taxi Company exemplifies how we empower businesses to access a higher level of funding than traditional banks by utilising the equity in their assets. We look forward to being part of their journey moving forwards and supporting their continued expansion.”

Client Testimonial

“Our growth plans have really accelerated in the last 12 months due to growing corporate demand for greener transport solutions, the expansion of our electric vehicle fleet and the opening of our new headquarters. We’ve also decommissioned 250 diesel powered vehicles to completely decarbonize our entire fleet and invested greatly in supporting Transport for London and its target to eliminate emissions across the capital.

“As more companies turn to us to help reduce their carbon footprint and meet their ESG targets, we needed an agile finance solution from Reward to ensure we continue to seize this market opportunity and don’t stand still as a business. We’ve now opened the new community hub and are aiming to treble in size through a range of strategic mergers and acquisitions that stay true to our overall values and vision.”

Asher Moses, Founder and Owner of Sherbet Electric Taxi Company