Fleet News

Whitechapel Corporate Services sold to FNVC for an undisclosed amount

FIRST National Vehicle Contracts has bought Whitechapel Corporate Services, designer of the much-discussed Car Ownership Scheme, for an undisclosed sum from Sedgwick plc. The acquisition will see Abbey National subsidiary FNVC promote both the established Whitechapel scheme, and also a new version which includes the option of funding, fleet management and residual value and maintenance risk.

Abbey National is one of a dozen FTSE top 100 companies, including Reuters and Northern Electric, to have implemented the COS for its own fleet. In broad terms, COS delivers all the hassle-free benefits of a company car, but without the sting in the tail of benefit-in-kind taxation, by transferring ownership of a company car from the employer to the driver. The driver then pays for the car through the savings in company car tax, business mileage reimbursement and a top-up cash allowance.

Dennis Studholme, managing director of FNVC which operates a fleet of more than 10,000 vehicles, said: 'We believe the provision of a benefit comparable to a company car can be a viable proposition and our acquisition of Whitechapel means that we have the knowledge and the resources to offer an unrivalled solution.'

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