Bank of Ireland UK acquires English car rental firm for £42.5m
BANK of Ireland UK has strengthened its car and asset finance business with the acquisition of English firm Marshall Leasing Limited in a £42.5 million deal.
The subsidiary of Bank of Ireland, which operates a full service retail and commercial bank in Northern Ireland, the UK arm will take on the award-winning Cambridgeshire-based company from Marshall Motor Holdings Plc subject to regulatory approval.
On completion of the deal Marshall Leasing will become part of Northridge Finance- Bank of Ireland UK's car and asset finance business. Northridge provides personal and commercial asset finance serving the Motor Dealer, finance broker, and corporate markets, offering a comprehensive range of vehicle related lending products and services. The business has won three prestigious industry awards over the past three years, most recently being voted the best independent bank owned lender at the Car Finance Awards in June 2017.
Chief executive of Bank of Ireland UK, Des Crowley said he was delighted to announced the new deal.
"We are driven by achieving growth through a strong partnership approach. This acquisition will help Northridge Finance to continue to develop and diversify its business.”
Managing director of Northridge Finance, James McGee described the acquisition was a "positive addition" to the motor asset based lending business
"This will enable Northridge Finance to offer a wide range of products, providing added value to our intermediary partners. Marshall Leasing has an excellent reputation in the vehicle hire market, has a strong order book, and is well positioned to achieve further growth."
Established in 1979 and based in Cambridgeshire, Marshall Leasing provides a range of contract hire fleet services including fleet management, risk management, contract purchase and daily rental. It is mainly focused on the SME sector and has a fleet in excess of 6,000 vehicles.