Marshall Leasing’s risk fleet has broken through the 8,000-vehicle milestone for the first time in its first full year of ownership by Northridge Finance.
The news came as part of an announcement by its parent company Northridge Finance, which revealed it was celebrating a record year with lending reaching £1.1 billion in 2018.
Northridge, which acquired Marshall Leasing in November 2017, is a subsidiary of Bank of Ireland UK which reported profit before tax of £173 million for the 12 months ending December 31, 2018, up from £151m in 2017.
Peter Cakebread, managing director, of Marshall Leasing, said: “Marshall Leasing has had a great first year as part of the Bank of Ireland UK and Northridge family.
“We have exceeded the 8,000 funded fleet vehicle milestone and our entry into the intermediary market is generating strong orders. We have continued the rapid expansion of our minibus offering, taking the fleet to 139 vehicles, an increase of 283%.
“Our shared outlook and goals are driving the businesses forward together and this is benefitting our customers through more products, better technology and a broader team of experienced professionals to deliver great service.
“We plan to go from strength to strength.”
James McGee, managing director of Northridge Finance said, “2018 was a fantastic year for Northridge.
“We have seen superb growth in a challenging market environment and we are delighted to exceed £1 billion in lending and 8,000 vehicles in our funded fleet with Marshall Leasing. Both are firsts for our business.
“We are continuing to see strong used car values across the market and while there is a growing appetite for finance on electric cars, we have seen no significant downturn in the demand for used diesel vehicles.
“This is our first full financial year with Marshall Leasing. Both businesses are customer-centric, and the cultural fit has been one of the real strengths of the acquisition.
“We are able to offer products through Northridge and Marshall Leasing channels, affinity schemes and via partnerships with intermediary networks.
“We have seen an increase in business of 31%, strengthened our long-term relationships and have grown our network of retailers.
“Our focus will be continuing to improve service and investing in new technology so we can serve our customers brilliantly.”
Marshall Leasing is currently in 26th position in the FN50, and was named leasing company of the year - up to 20,000 vehicles in the 2018 Fleet News Awards.