Fleet News

'Absolute rubbish' says BCC boss over sell-off speculation

LOMBARD Motor Finance has scotched speculation that BCC is up for sale less than a year after the finance house bought out Rover's 49% stake in the company. Lombard, which also owns half of Lex Vehicle Leasing, insisted BCC was part of its long term plans, while BCC managing director Robert Mercer dismissed the speculation as 'absolute rubbish'.

A Lombard spokeswoman said: 'BCC is a key element in Lombard's strategy for continued growth in the contract hire market. Any rumour that Lombard is considering selling BCC is untrue.' In January, Lombard said it was 'considering all options' after agreeing to purchase Rover's shareholding to add to its existing 51% stake in BCC following BMW's decision to bring both manufacturers' contract hire operations in-house under the direct control of the German parent.

Both BCC and Lex Vehicle Leasing set up project groups to investigate possible synergies between the two companies - a process which is ongoing. Mercer and Lombard finance director Harry Roome said BCC and Lex were co-operating in some areas - such as purchasing and disposals - but that there was very little crossover between the two companies' client bases.

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