£1.6m refinance deal powers expansion of London electric taxi firm Sherbet

A prominent electric taxi company in central London is accelerating its growth plans following a £1.6m asset refinance deal.

Sherbet Electric Taxi Company, a business focused on reducing the capital’s carbon footprint, aims to triple its size over the next year through mergers and acquisitions. The funding, secured from Reward Funding, provides vital working capital to fuel the firm’s expansion.

The deal agreed between Sherbet Electric Taxi Company and Reward Funding was brokered by Ethos Asset Finance.

Earlier this year, Sherbet opened its new flagship headquarters in Camden, supported by the funding. The company has also expanded its fleet to 450 electric taxis, reinforcing its position as a leader in sustainable transport.

Sherbet is now transforming part of its Camden base into a 24/7 café and community hub. Launching in January, the space will serve the licensed taxi community while offering a safe place for vulnerable locals seeking support or shelter.

The company is led by Asher Moses, a seasoned industry figure with over 20 years of experience in the black taxi trade. Moses, who became a licensed driver in 1989, has been pivotal in modernising the sector, from introducing card payments in the early 1990s to advancing taxi advertising.

Today, Moses remains committed to supporting Transport for London’s efforts to combat pollution and drive the capital’s green agenda. Sherbet’s growth signals a significant step forward in sustainable transport for London.

Asher Moses, founder and owner of Sherbet Electric Taxi Company, said: “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’re now looking forward to opening the new community hub in the new year and aiming to treble in size through a range of strategic mergers and acquisitions that stay true to our overall values and vision.”

Robert Still, managing director of Reward Asset Finance, said: “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.”