Growth is a priority

Growth is very much a priority, initially organic by increasing penetration and services with existing customers and winning new fleet business, but also via acquisition if the right opportunities arise.

Creswick describes Zenith’s aspirations as combining quality with size, offering the professionalism of the big four accountancy firms.

“Scale should not affect quality,” he says. “We want to be one of the big players but only if it’s the right thing to do. Do we have to make an acquisition? No, unless it’s right for the business, our customers and our staff.”

He adds: “Morgan Stanley wants us to be us, only bigger.”

Leasing providers are increasingly transforming into consultancy businesses.

Tender documents run into many pages demanding information on data, financial security and IT platforms.

Zenith is increasingly offering fleet management services to outright purchase fleets, another opportunity to grow its business.

But it also expects more outright purchase fleets to switch to contract hire as the budget changes, such as the VAT rise nextyear, make leasing more favourable.

“More companies will look at whether cash is best invested in cars or in the core business,” Creswick predicts.

“We’ve had a lot of outright purchase customers asking us to undertake analysis of whether that is the best model for them.

"There’s no bias from us – we are just as happy with fleet management as contract hire. We are not a bank – we don’t have to sell money.”

Zenith is content to sign up business to any one of a number of contracts, from fully out-sourced with maintenance to funding provision only, and full fleet management to just accident management.

“It’s about a balance of business – both products and sectors - and not being over-exposed to any one part of the market,” Creswick explains.

“It comes down to managing risk – if one customer sector is tough, another will be strong to provide the balance.”