Bank of Ireland UK buys car finance firm in £42m deal
Bank of Ireland UK has taken on a new car and asset finance business in a deal worth £42.5m. It has taken on Marshall Leasing Limited from Marshall Motor Holdings Plc.
Marshall Leasing will become part of Northridge Finance, Bank of Ireland UK's car and asset finance business.
Marshall was set up in 1979, and is based in Cambridgeshire.
It provides a range of contract hire fleet services, including fleet management, risk management, contract purchase and daily rental.
It is focused on the SME sector and has a fleet in excess of 6,000 vehicles.
The bank said the acquisition is conditional upon Northridge Finance receiving regulatory approval.
Des Crowley, chief executive of Bank of Ireland UK, said: "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."
And James McGee, managing director, Northridge Finance, said it is an "exciting opportunity which represents a positive addition to our 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. We are looking forward to working with the Marshall Leasing management team in expanding the business and also to develop a strong trading relationship with Marshall Motor Holdings Plc."
Daksh Gupta, chief executive of Marshall Motor Holdings Plc, said: "On behalf of the board, I would like to thank all my leasing colleagues for their significant support and contribution over this period and wish them well for the exciting times ahead under new ownership.
"We have formed an excellent relationship with the Bank of Ireland team and look forward to working together in the future."