Harringay online

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
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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

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
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


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

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Wouldn't smedvigs investment be seen as a diversification away from oil?!

This crossed my mind also. While I still think that the original backing for Streetcar was probably a straightforward financial investment in a great idea, if it had any particular relationship to Smedvig Capital's existing portfolio, I would have thought it was intended to reduce dependence on any oil holdings or interests.

Weaning ourselves off oil is not going to happen overnight, much as we might like to see it happen. The wide use of electric cars is a long way off. They still highly expensive and still largely impractical. At present, they merely displace pollution from the vehicle to the gas, coal or nuclear power station that generates the electricity to charge them. Fuel cells, such as Honda are developing, may hold the answer.

If one believes that the oil price is going to increase over time (and then demand lessen) then it makes sense to invest in a near alternative that might benefit from reducing demand for car ownership, increasingly under pressure from the authorities.

Maybe its just my lack of sense of humour, but I did not realise it was a "spoof" until there was a statement is was a spoof.

Congratulations to Haringey Council for supporting the scheme; I'm delighted to hear from the pressdesk that the number of vehicles available in the borough through this scheme is likely to increase.



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