A minicab business that started with just one car in Battersea more than 30 years ago has been sold for £300m.

US private-equity firm Carlyle Group last week acquired a majority stake in Addison Lee, which was founded by cab driver John Griffin in 1975.

The firm has now grown to a fleet of 4,500 cars and 100 coaches.

Under the terms of the deal, John Griffin will remain as chairman, while his son Liam will continue as chief executive.

Mr Griffin started the business after he gave up his accountancy apprenticeship to help his father.

He founded the company with Lenny Foster and both will retain minority stakes in the business.

Liam Griffin said: “From humble beginnings almost 40 years ago, Addison Lee has grown to become a well-known brand.

“We are excited about this investment, which provides the endorsement and backing of one of the world’s largest investment firms and provides a platform for Addison Lee’s continued future growth.”

A spokesman for the Carlyle Group, which has a £4.5bn fund, said: “The focus for Carlyle’s investment in Addison Lee will be to drive expansion of the business both in the UK and internationally.”