Bank of Ireland UK (BOIUK) has acquired Marshall Leasing from Marshall Motor Holdings for £42.5 million.
On completion of the deal Marshall Leasing will become part of Northridge Finance, BOIUK’s car and asset finance business. The acquisition of Marshall Leasing is conditional upon Northridge Finance receiving regulatory approval.
Marshall Leasing, which sits at number 26 in the FN50 with a fleet of more than 6,000 vehicles, was established in 1979 and provides a range of contract hire fleet services including fleet management, risk management, contract purchase and daily rental, aimed at the SME sector.
Northridge Finance provides personal and commercial asset finance serving the motor dealer, finance broker, and corporate markets, offering a range of vehicle related lending products and services.
Des Crowley, chief executive of Bank of Ireland UK, said that the proposed acquisition would help Northridge Finance “to continue to develop and diversify its business”.
James McGee, managing director, Northridge Finance, added: “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.”
Daksh Gupta, CEO Marshall Motor Holdings, said: “Marshall Leasing has been an important part of our Group for many years. 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.”