Fleet News

Leasecontracts gears up for specialist growth

LEASECONTRACTS, the specialist contract hire and leasing supplier to the City, is gearing up for rapid expansion 18 months after being bought by GE Capital Fleet Services. Leasecontracts has retained its 13,000-strong fleet, which it had when bought by GE but, following the appointment of Tom Stephenson as general manager, the company has been charged with growing assets and profit by 20% a year.

GE Capital Fleet Services, which operates in the UK through three sister companies - Leasecontracts, Cochranes Fleet Services and Avis Fleet Services - remains a highly acquisitive company and is understood to be currently in negotiation with a number of companies - including at least three European leasing firms.

While GE will not slacken in its growth aspirations for both Avis, which operates a fleet of 49,000 vehicles, and Cochranes, which operates 8,500 vehicles, it also has big plans for Leasecontracts. Stephenson said: 'Leasecontracts is now uniquely positioned to develop further as the pre-eminent fleet provider for the City and financial services sector, the professions and for organisations needing both high levels of financial expertise in tailoring their car schemes and high levels of service for their company car drivers.'

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