FLEETLEASE will benefit from a multi-million pound cash injection netted by its parent company's flotation on the London Stock Exchange. Hitachi Credit (UK)'s £50 million flotation will make £15-£20 million for development and expansion when the shares go on sale later this year.

In its prospectus, Hitachi Credit, which also has plant leasing and consumer credit interests, said the cash would be used to fund insurance and warranty policies and vehicle contract hire.

Managing director Rob Whalley announced expansion plans at the company's 10th anniversary celebrations last year. The company currently operates a fleet of 11,000 vehicles and plans to expand to 32,000 by early next century.