Hailo Posts £21.7m Loss

Hailo cabHailo, the taxi-hailing service founded by three former London black cab drivers, has reported an £21.7m loss in the wake of the closure of its US operations in October 2014, despite a 39 per cent increase revenues to £7.9m. The Telegraph reports that over half the loss – £11.5m – was accounted for by the closure of the company’s N. American operations.

Hailo shuttered its US operations citing pricing pressure from its competitors, including Uber and Lyft. That said, Hailo is not itself short of cash, having raised over $100m in its short history.

But it has had a chequered history in recent times, changing chief executives three times in as many months in the list of its international closures, and backtracking on a plan to include minicabs as well as black cabs as part of its offering, following protests from its black cab drivers.