Transport home welcomed by Mike and Jack (7)
I believe the answer is:
minicab
'transport' is the definition.
(I've seen this before)
'home welcomed by mike and jack' is the wordplay.
'home' becomes 'in' (to be in is to be (at) home).
'welcomed by' indicates putting letters inside (letters welcomed inside).
'mike' becomes 'mic' (I've seen this in other clues).
'and' says to put letters next to each other.
'jack' becomes 'ab' (both can mean a sailor).
'in' going into 'mic' is 'minic'.
'minic'+'ab'='MINICAB'
(Other definitions for minicab that I've seen before include "Metered vehicle for hire" , "transport" , "Type of taxi" , "It can't be hailed in the street" , "Type of car hire" .)