Fleet News

Finance group moves

FORTHRIGHT Finance Group, which includes First Mutual Contracts, will transfer all its activities to sister company NWS Bank. Both are owned by the Bank of Wales, which in turn is part of the Bank of Scotland group.

NWS Bank owns Godfrey Davis Contract Hire and NWS Contract Hire. Together with First Mutual Contracts this will amount to a combined fleet of around 20,000 vehicles, which places the operation just outside the UK top ten leasing companies in terms of fleet size. All three contract hire companies will continue to operate separately as individual entities, but will complement each other's activities.

Godfrey Davis Contract Hire and NWS Contract Hire have recently developed new IT systems, which in due course will be extended to First Mutual Contracts. NWS Bank boasts an asset base of approximately £6 billion, of which the motor side constitutes around 40%. Much of this business is dealer related finance products, and through the move NWS has expanded the number of dealerships with which it deals to 4,600 from 3,500.

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