Harringay, Haringey - So Good they Spelt it Twice!
Streetcar throws in the towel as whispers about Haringey cabinet intent to charge them for parking their cars come true! (Spoof*)
Streetcar has decided to take their money and run, when the news of Haringey decision to charge them for parking their cars. Streetcar bosses confessed “dealing with Anti-competition watchdog was easier then dealing with Haringey transport bosses.”
According to the Telegraph Streetcar founders are to net £11m from the sale, don’t you feel sorry for them? But hey we can take comfort knowing that our council tax has been subsidising their business for a few years.
On the up side we can all sleep well from now on, knowing that our CPZ permits have been officially doubled and will help raising the annual parking surplus from £3,000,000 to unknown new heights.
Hope this news made you smile. Read the ‘real news’ on Haringey decision and the latest press on our website http://www.GreenN8.org
Best Wishes
----------------------------------------------------------------------------------------
GreenN8 C o m m u n i t y G r o u p | http://www.GreenN8.org
| http://twitter.com/GreenN8
| https://www.youtube.com/GreenN8TV
Zipcar takes the fast lane with Streetcar acquisition
============================================================
Anti-competition watchdog provisionally allows UK's two biggest car clubs to merge
By Jessica Shankleman
18 Nov 2010
An acquisition that will combine the UK's two biggest car clubs has been
provisionally approved by the anti-competition regulator based on its
expectation that the market for car-sharing schemes will continue to grow
rapidly.
The UK's Competition Commission (CC) today confirmed
/pdf/38_10_zipcar_streetcar_pf.pdf> that it believes the sale of Streetcar,
the largest car club in London, to Zipcar, the second largest, is not
anti-competitive because other companies are likely to enter the market in
the coming years.
The booming car club market would therefore offset any chance of the
Zipcar/Streetcar merged company being able to raise prices or reduce its
services to customers, it said.
Zipcar first announced
http://www.businessgreen.com/bg/news/1807090/zipcar-snaps-streetcar...
car-club-powerhouse> it had bought Streetcar in April, but the Office of
Fair Trading subsequently referred the sale to the CC to decide whether it
would substantially reduce competition in the market.
The CC inquiry has provisionally concluded that new and expanding companies
will stop the expanded Zipcar from exploiting its market position. However,
t has asked interested parties to comment on its findings with an eye to
issuing a final report in January.
"This is a carefully weighed decision but the evidence we have seen of
credible expansion by existing players and plans by new entrants into this
market means that we have provisionally concluded that the right answer in
this case is to clear the merger," said chairman of the Zipcar/Streetcar
inquiry group Peter Davis.
"Industry estimates have car club membership numbers increasing eight-fold
over the next decade so this is a fast-growing and therefore potentially
attractive market for new and expanding providers, particularly in London,"
he added.
If approved in the final report, the deal could significantly bolster the
appeal of the car club model in the UK giving customers of both companies
access to an increased number of vehicles. The deal is also expected to act
as a springboard for the firm's planned expansion across Europe.
Scott Griffith, Zipcar chairman and chief executive, said he was pleased
with the findings, which represented an important milestone in the
regulatory review process.
"The companies are now a step closer to delivering important benefits to
both Zipcar and Streetcar members, including access to more cars in more
locations, a wider selection of vehicle makes and models, and improved
service levels," he said in a statement
.
"Streetcar members will benefit from being a part of a global car sharing
network by using their membership in cities around the world where Zipcar
already has a presence."
Zipcar claims to be the world's leading car club with more than 500,000
members and 8,000 vehicles throughout the US, Canada and the UK.
Streetcar founders to net £11m from sale
==========================================
http://www.telegraph.co.uk/finance/newsbysector/transport/7621904/S...
Two university friends will net in the region of £11m after the UK’s largest car sharing group Streetcar was sold to US rival Zipcar.
Zipcar, the largest car hire group in the world with 360,000 members, will pay around $50m (£32.5m) in company stock to acquire Streetcar, of which Andrew Valentine and Brett Akker still own a third.
Mr Valentine and Mr Akker founded Streetcar in 2004 and have established a fleet of 1,400 cars across eight British cities, including London.
They met at university before taking on senior roles at P&O, the ferry group, and Mars, the confectioner, respectively.
[*Note from Site Admin: We've added the short explanation to the title at the request of Streetcar since apparently this post is being returned in Google results and the company is concerned that no misunderstanding results. We're happy to oblige.]
According to the Telegraph Streetcar founders are to net £11m from the sale, don’t you feel sorry for them? But hey we can take comfort knowing that our council tax has been subsidising their business for a few years.
On the up side we can all sleep well from now on, knowing that our CPZ permits have been officially doubled and will help raising the annual parking surplus from £3,000,000 to unknown new heights.
Hope this news made you smile. Read the ‘real news’ on Haringey decision and the latest press on our website http://www.GreenN8.org
Best Wishes
----------------------------------------------------------------------------------------
GreenN8 C o m m u n i t y G r o u p | http://www.GreenN8.org
| http://twitter.com/GreenN8
| https://www.youtube.com/GreenN8TV
Zipcar takes the fast lane with Streetcar acquisition
============================================================
Anti-competition watchdog provisionally allows UK's two biggest car clubs to merge
By Jessica Shankleman
18 Nov 2010
An acquisition that will combine the UK's two biggest car clubs has been
provisionally approved by the anti-competition regulator based on its
expectation that the market for car-sharing schemes will continue to grow
rapidly.
The UK's Competition Commission (CC) today confirmed
/pdf/38_10_zipcar_streetcar_pf.pdf> that it believes the sale of Streetcar,
the largest car club in London, to Zipcar, the second largest, is not
anti-competitive because other companies are likely to enter the market in
the coming years.
The booming car club market would therefore offset any chance of the
Zipcar/Streetcar merged company being able to raise prices or reduce its
services to customers, it said.
Zipcar first announced
http://www.businessgreen.com/bg/news/1807090/zipcar-snaps-streetcar...
car-club-powerhouse> it had bought Streetcar in April, but the Office of
Fair Trading subsequently referred the sale to the CC to decide whether it
would substantially reduce competition in the market.
The CC inquiry has provisionally concluded that new and expanding companies
will stop the expanded Zipcar from exploiting its market position. However,
t has asked interested parties to comment on its findings with an eye to
issuing a final report in January.
"This is a carefully weighed decision but the evidence we have seen of
credible expansion by existing players and plans by new entrants into this
market means that we have provisionally concluded that the right answer in
this case is to clear the merger," said chairman of the Zipcar/Streetcar
inquiry group Peter Davis.
"Industry estimates have car club membership numbers increasing eight-fold
over the next decade so this is a fast-growing and therefore potentially
attractive market for new and expanding providers, particularly in London,"
he added.
If approved in the final report, the deal could significantly bolster the
appeal of the car club model in the UK giving customers of both companies
access to an increased number of vehicles. The deal is also expected to act
as a springboard for the firm's planned expansion across Europe.
Scott Griffith, Zipcar chairman and chief executive, said he was pleased
with the findings, which represented an important milestone in the
regulatory review process.
"The companies are now a step closer to delivering important benefits to
both Zipcar and Streetcar members, including access to more cars in more
locations, a wider selection of vehicle makes and models, and improved
service levels," he said in a statement
.
"Streetcar members will benefit from being a part of a global car sharing
network by using their membership in cities around the world where Zipcar
already has a presence."
Zipcar claims to be the world's leading car club with more than 500,000
members and 8,000 vehicles throughout the US, Canada and the UK.
Streetcar founders to net £11m from sale
==========================================
http://www.telegraph.co.uk/finance/newsbysector/transport/7621904/S...
Two university friends will net in the region of £11m after the UK’s largest car sharing group Streetcar was sold to US rival Zipcar.
Zipcar, the largest car hire group in the world with 360,000 members, will pay around $50m (£32.5m) in company stock to acquire Streetcar, of which Andrew Valentine and Brett Akker still own a third.
Mr Valentine and Mr Akker founded Streetcar in 2004 and have established a fleet of 1,400 cars across eight British cities, including London.
They met at university before taking on senior roles at P&O, the ferry group, and Mars, the confectioner, respectively.
[*Note from Site Admin: We've added the short explanation to the title at the request of Streetcar since apparently this post is being returned in Google results and the company is concerned that no misunderstanding results. We're happy to oblige.]
Tags for Forum Posts: CPZ, Parking, StreetCar, car sharing
Replies to This Discussion
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Permalink Reply by pamish on
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The 18-year-olds in whose culture I am immersed for half the week think it's hysterically funny that I drive a 24-year-old car. They know they can't buy new but they want new, and big, and expensive, preferably a 4x4, and will prioritise those qualities over logic.
When I say, I know who I am, I don't need to car to speak for me, they just don't get it. They know I could choose to buy some new dream machine, and that gets them even more confused.
Pause - hmm - maybe my choosing Oona does speak for me...
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Permalink Reply by Clive Carter on
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I recently sold my car of the last 12 years and am currently evaluating Streetcar.
By all accounts of actual users, it is a good service. I suspect that its going to be much less costly for me. According to the Streetcar website, there is a choice of four different car models, from a VW Polo to a BMW 3 series. If anyone wants to join, the normal credit of £10 for an introduction from an existing member is doubled to £20 (to each party) until the end of the year.
Lack of alternatives? I think part of the rationale for a monopoly provider is that, as with the laying of Cable TV/broadband in the street, which is hugely expensive, only an exclusive franchise would enable (a) the right level of investment and (b) the opportunity for the operator to recover their costs and make a profit.
And 'monopoly' is a little too strong. The monopoly cable operator nevertheless competes with satellite, free-view and old fashioned aerials. Likewise, the 'monopoly' car-sharing company competes with walking, cycling, buses, car-owning, car-renting and private sharing arrangements. No one is obliged to use it, but those who choose to are not only helping themselves, but tend to free up parking space for their neighbours. I would have thought, win:win?!
Oil industry backing Streetcar? I can't really follow the comments (which lack detail) about the Streetcar owners also being involved in the oil industry. Unfortunately, car sharing is still a small minority in London; if the implication is that Streetcar is intended to increase petrol consumption, I could understand that even less. I would guess that getting rid of a car and joining Streetcar tends to reduce petrol consumption by reducing very short or frivolous journeys.
As an occasional critic of Haringey, I would say that if they had anything to do with facilitating this service, it shows that occasionally, even our Council can get things right.
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Permalink Reply by John D on
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I have oil industry connections. does that make me a bad person or a bad businessman ?
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Permalink Reply by GN8 on
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No, not at all... However if you were trying to sell it on false pretence as 'green', then I will want to know about it... and choose weather or not I wish to buy what you sell.
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Slightly OT, I suppose, but I always thought that double yellow lines were placed where to park would be dangerous or would cause an obstruction. There were double yellows on one side of the the street next to Hornsey library - fair enough.
But these have now been partially removed to make room for two Streetcar bays.
Why is parking a streetcar not dangerous or an obstruction when other cars apparently were ?
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Permalink Reply by Nigel Lupton (luptonn) on
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Sometimes DYL are also used to deter people from parking where there is a large amount of car crime. This was the reason given for the lines on Endymion Rd from Endymion Terrace (nr Whightman) to the bridge over the railway.
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Permalink Reply by John McMullan on
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Fighting the symptom AND the disease. Human beings don't live forever, why not splash a bit of paint about to help things?
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You reminded me of something else that happened this week - Boris has just announced he considers a pay to park on red bus lanes as the latest cash cow... same lady different dress
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Some asked for more details regarding the info I presented earlier. I had to look back at the research few of us did when we were first consulted on streetcar parking bay locations about 2 years ago.
Here is what we found:
Smedvig Capital a major share holder in StreetCar
All out in the open on Smedvig Capital website the major share holder in StreetCar, which is also invested in ITIS (see below)
http://www.smedvigcapital.com/invest/portfolio.html
Peter Smedvig
"Peter founded Smedvig Capital in 1996 with John Hewett and has been Chairman since its inception. In addition, he is Chairman of the Smedvig Group of companies including Smedvig Property and the Smedvig family office in Stavanger, Norway. Until recently, he also chaired the NYSE listed Smedvig asa, an international oil field services business. He is a board member at Almondy (Chairman) and Trefoil."
From TrefOil website
"Who is Peter T. Smedvig
http://www.trefoil-limited.com/About/board.htm
ABOUT TREFOIL | BOARD OF DIRECTORS
Peter T. Smedvig (born 1946) - Board Member.
Mr. Smedvig has had more than 30 years experience in the international oil industry. He is currently Chairman of Smedvig ASA, an offshore drilling contractor listed on the New York Stock Exchange and Oslo Børs. Mr. Smedvig is also an active private equity investor and is Chairman of Peder Smedvig Capital AS, a London based private equity firm to which the Smedvig family provides capital. Mr. Smedvig is a Norwegian citizen with residence in London, United Kingdom."
http://www.trefoil-limited.com/Investor/shareholders.htm
INVESTOR RELATIONS | SHAREHOLDERS
Largest share holder - 22.39 % - PEDER SMEDVIG CAPITAL NOR
Major shareholders based upon the VPS register
Back to Smedvig Capital website
http://www.smedvigcapital.com/invest/portfolio.html
Smedvig Capital is major share holder in StreetCar
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 had approximately 10,000 members at end 2006,
a figure which has tripled each of the last two years and continues to rise at this rate.
The team is led by Andrew Valentine and Brett Akker who founded the business in 2004. The board is chaired by Sir Trevor Chinn, one of the leading figures in the UK automotive industry.
Smedvig is represented by Johnny Hewett and Rob Toms who are directors and Jordan Mayo who is an observer.
Smedvig Capital Also owns ITIS
ITIS is the UK's leading provider of traffic information and high end vehicle security services. It has developed a unique system for the collection and analysis of traffic information, combining real-time Floating Vehicle Data (FVD®) from GPS/GSM vehicle probes with information from a variety of journalistic sources to create the most comprehensive and accurate traffic information service in the UK. ITIS now operates the largest commercial application of FVD® anywhere in the world.
It delivers the content over a variety of platforms including RDS-TMC providing real time traffic data to satellite navigation systems for 17 OEM manufacturers including BMW, Mercedes and Toyota and most after market manufacturers including Tom Tom. It also provides the basis of a number of shortdial mobile phone traffic information services including Vodaphone and the AA. ITIS also has the capability to provide FVD using mobile phones and is expanding its presence in a number of international market. Through its NavTrak business (www.navtrak.com), ITIS has developed a unique and innovative stolen vehicle tracking service delivered via GPS/GSM technology, which offers theft alerts, vehicle tracking and police liaison throughout Europe. It is now standard fit on a number of high end vehicles including all new Ferrari, Maserati and Bentley. The business successfully floated in late 2000 and trades under the symbol ITH.
The team is led by Stuart Marks, a proven entrepreneur who founded ITIS following two previous highly successful start-ups. The board is chaired by Sir Trevor Chinn and includes Steve Norris, the former transport minister.
Smedvig is represented by John Hewett who is a director, audit committee member and chairman of the compensation committee.
Sir Trevor Chinn
From GLA Press Release 25-6-2008 321
www.london.gov.uk/view_press_release.jsp%3Freleaseid%3D17494+sir+tr..." target="_blank">http://74.125.77.132/search?q=cache:VR8_xGvQfPoJ:www.london.gov.uk/view_press_release.jsp%3Freleaseid%3D17494+sir+tr...
Sir Trevor Chinn is a high profile businessman whose dynamic career includes being Chairman of businesses from the RAC, to the AA and Kwik Fit.
Notes to Editors:
Biogs of trustees of the Mayor's Fund for London
Chairman-Sir Trevor Chinn
Sir Trevor Chinn CVO is Senior Adviser, CVC Capital Partners Ltd, Chairman of ITIS Holdings, an AIM listed traffic information company, Chairman of Aurora Russia Ltd, an AIM listed investment company established to invest in Russia, Chairman of Streetcar Limited, the UK’s largest car club operator and Chairman of Vigilant Technology Ltd, an AIM listed Israeli company which supplies ‘intelligent’ solutions for the high-end CCTVmarket. His philanthropic leadership roles included Chief Barker of the Variety Club of Great Britain for 2 successive terms (1977 and 1978), Chairman of the Friends of the Duke of Edinburgh's Award Scheme (for which he received his CVO - Commander of the Royal Victorian Order - in 1989), Vice Chairman of the Wishing Well Appeal for Great Ormond Street Hospital (for which he received his knighthood in 1990) and Deputy Chairman of the Royal Academy Trust.
I just hope all the links still work and still contain the same info as I mentioned above this is from 2 years ago.
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Thanks for the information GN8 this is really helpful.
To summarise:
1/ Streetcar took Venture Capital funding from Smedvig, who also have investments (or made the capital they reinvest in oil).
2/ Sir Trevor Chinn is Chairman of 2 companies that Smedvig are invested in, Streetcar and ITIS and has been an adviser to the Mayor of London.
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