Lime sold to Albin
Steve Albin, the Macquarie Bank executive running the group's ill-fated foray into wheelchair-enabled taxis in Sydney and a related payments play has bought the Lime taxis business from the bank.The terms of the sale, reported yesterday in the Daily Telegraph, are not known but are bound to represent a substantial loss to the bank.Lime has 50 vehicles in operation according to the newspaper, with another 60 of its Mercedes Vito vans warehoused at Erskineville.Cabcharge, which dominates the taxi industry on Australia's east coast and is politically better connected in this industry niche than Macquarie, persuaded regulators in New South Wales to revise rules in a manner that hobbled Lime, with the latter forced to install the Cabcharge payment system along with its own. Disabled taxi plates also became harder to get.