Press Releases
Smedvig Capital appoints Sir Trevor Chinn as Chairman of Streetcar
Smedvig Capital, the London-based private equity company active in development capital for growth businesses and the board of the Company, are pleased to announce the appointment of Sir Trevor Chinn as the new non-executive Chairman of Streetcar, the UK’s largest pay-as-you-go car club and a recent addition to the Smedvig portfolio.
Sir Trevor joins the Board of Streetcar with a long and distinguished career in the UK motor transport industry. As Chairman of the Automobile Association (“the AA”) and the Motorists Forum he brings to Streetcar a thorough knowledge of the UK motorist and automotive industry. Sir Trevor is also currently a Director of Automotive Skills, the Skills Council for the retail automotive industry. Prior to this, Sir Trevor spent more than 40 years at the helm of one of the UK’s leading motoring services companies, RAC plc (formerly Lex Service plc). He retired his position as Chairman in 2003. He is a past Chairman of Kwik-Fit and previous Vice Chair of the Government’s Commission for Integrated Transport (from 1999-2004). Sir Trevor is also Chairman of another Smedvig portfolio company, ITIS Holdings, the leading UK provider of traffic information.
Streetcar (or “the Company”) is the UK market leader in the rapidly growing car club sector; it provides a highly flexible, convenient and cost effective alternative to car ownership. Club members book a car online or over the phone as little as 30 minutes ahead of time and use remotely activated smartcards to unlock the vehicle, which is typically within three minutes walk. At the end of the journey the car is returned to a dedicated Streetcar parking space and a travel log is automatically sent to Streetcar. Cars start from £4.95 per hour with the first 30 miles of petrol free. The cars are available 24/7 for rent by the hour, day, week or month. Streetcar is the market leader in London with an 85% market share, but it is now expanding with a presence established in both Southampton and Brighton as well. The Company has more than 10,000 members, a figure which has tripled each of the last two years and continues to rise at this rate. Streetcar recently received £6.4 million in funding from Smedvig to continue its rapid development.
Commenting on Streetcar and his appointment to the Board Sir Trevor said: “I believe car clubs are an important new alternative to car ownership. Given the outstanding economic and service benefits Streetcar provides, it is easy to understand why it is growing so quickly. I have been fortunate to spend much of my career with market leading companies in the automotive industry. The prospect of chairing Streetcar, the clear UK leader in this space was an attractive proposition and I look forward to helping drive its future growth.”
Johnny Hewett, Chief Executive of Smedvig who has also joined the board in connection with the investment added: “Sir Trevor and I have worked alongside each other for more than five years in our portfolio company ITIS which he also chairs. He brings with him the broadest possible experience of the UK automotive industry which will be invaluable to Streetcar as it develops its offering and enlarges its geographical reach. We are delighted that Sir Trevor has agreed to join the Streetcar team.”
For further information please contact www.smedvigcapital.com or www.streetcar.co.uk:
John Hewett
Smedvig Capital
Tel: 020 7451 2100
Email: jh@smedvigcapital.com
Andrew Valentine
Streetcar
Tel: +44 (0) 20 8099 7314
Email: andrew.valentine@streetcar.co.uk
John West / Clemmie Carr
Tavistock Communications
Tel: 020 7920 3150
Email: ccarr@tavistock.co.uk
Louise Evans
Loop Communications
Tel: +44 (0) 7891 242476
Email: louise@loopcommunications.co.uk
Notes to Editors
Smedvig Capital
Smedvig Capital is a London based private equity firm that has been instrumental in the growth of over 30 businesses since its founding in 1996. Smedvig believes that equity investing should incorporate high levels of involvement and support, working with management on strategy, finance, operational improvements and business development initiatives. The team shares a common background in strategy consulting, with additional experience in operations, start-ups and banking. Other portfolio companies, include IT IS Holdings, now public, the UK leader in provision of traffic information and Tusker direct an innovative car leasing and fleet management business.
Direct investments are usually in UK businesses, from development capital through to small buyouts, equity commitment £2 to £10m. Smedvig Capital is authorised and regulated by the Financial Services Authority.
Streetcar
Streetcar is the UK's biggest pay-as-you-go car club with over 10,000 members. Research shows that Streetcar helps to cut CO2 emissions. During 2007, the company expects to cut emissions in the UK by over 4,000 tons. Furthermore, for every Streetcar vehicle on the road, 28 private vehicles are withdrawn as members choose to not buy or replace their own car.
The scheme is very simple to use: members make their bookings via the internet (www.streetcar.co.uk) and use a remotely activated smartcard held against the windscreen to unlock the door. The keys are in the glove compartment and the member just drives the car away. At the end of the journey, they return the car to the dedicated Streetcar parking space and a record of the journey is automatically sent by SMS to Streetcar HQ.
Care can be hired for £4.95 per hour with the first 30 miles of petrol free. For more information, or to let Streetcar know you would like to see the service in your area, please visit www.streetcar.co.uk