Ragan buys to build taxi empire
Paul Ragan, the Motaquote insurance company founder, has bought Newport-based Dragon Taxis for £1.2m. Ragan, once the star of TV’s Secret Millionaire, acquired Dragon through Radio Cabs (Bridgend), the taxi firm which he took over after leaving Motaquote and Protectagroup.
Ragan aims to build up his fleet of 300 cars to 1,000 by mid-2011 by acquiring firms in the area from Swansea to the Severn Bridge. He told Insider: “I see a consolidation play in that sector. To me, they are recession proof. As long as you pick the right firms, they are good solid businesses to run with. It is difficult for anyone to open up next to them.”
Santander backed the Dragon deal, KTS Owens Thomas carried out financial due diligence and M&A Solicitors gave legal advice.
Ragan, chief executive of the Cardiff Devils ice hockey team, has just joined the Entrepreneurs’ Business Academy, the mentoring group backed by BBC Dragons’ Den star James Caan.
