On-demand transport platform Lyft has acquired Glasgow-based TBR Global Chauffeuring for £83 million as it builds out its premium offering.
TBR, which offers luxury rides through a network of operators in more than 120 countries and 3,000 cities, will continue to operate under its existing brand and leadership team.
“This acquisition combines Lyft's technology platform with TBR's decades of expertise in precision luxury service and worldwide reach,” said Jeremy Bird, Lyft EVP of driver experience.
“It adds entirely new premium ground transportation services and strengthens our position in the luxury segment. The acquisition of TBR is another step in growing our business as a global mobility platform.”
Lyft enables pre-scheduled rides and has a premium offering of its own – Lyft Black – but there are no plans to integrate TBR’s network with its booking technology.
“The Lyft app is an on-demand piece of technology; TBR is much more high-touch – specialist, complex events, financial roadshows… a high level of offline bookings,” said Craig Chambers, group CEO of TBR. “There won’t be an integration but there is an opportunity to share business. We’re two businesses that are able to complement each other as part of a wider group.”
Chambers noted that North America was a relatively untapped market for TBR but, with Lyft’s presence, expects to grow its business in the region. “We’re now looking at being able to leverage the resources and scale of Lyft in a really strong combination together,” he said.
Lyft made what it described at the time as its “most significant expansion outside North America” when it acquired FreeNow earlier this year as it goes about expanding both its footprint and product offering.
The company has started using FreeNow by Lyft branding, said Bird. “We are taking a measured approach to lean on the FreeNow brand recognition while introducing riders, drivers, and partners to the Lyft name.”