News update – Taxi shares to trade Ebay-style

Radio Taxis has introduced a share trading system for its employees after it became a private limited company in the summer.

The London taxi company set up the scheme – similar in operation to auction website Ebay – after it gave a number of its drivers 1,000 shares.

Although initially only 1,400 owner-drivers were allocated shares, now a further 900 drivers and 200 employees have been given the opportunity to buy and sell these shares through a secure website run by The Share Centre.

Geoffrey Riesel, chairman of Radio Taxis, said this was set up to give everyone a stake in the business. He added: “Although we’re not a public company, we’ve had to sign up to the takeover panel’s code of practice and [must operate like a PLC].”