Fleet News

Zenith acquires Hambros stake

ZENITH Vehicle Contracts has acquired Societe Generale's majority stake in Hambros Vehicle Solutions for an undisclosed sum. Hambros Vehicle Solutions was formed last year as a joint venture between Zenith and Hambros merchant bank, which has since been bought by Societe Generale. Hambros had a 70% stake in Hambros Vehicle Solutions with Zenith having a 30% stake.

The acquisition takes Zenith's leasing and fleet management fleet to more than 4,500 vehicles, with the 500 vehicles under management through Hambros Vehicle Solutions including company cars with housebuilder Persimmon, convenience store group Londis and SG Hambros. Zenith Vehicle Contracts managing director Henry Dean said the deal had occurred because Societe Generale did not want any involvement in the fleet market.

Dean said: 'Hambros Vehicle Solutions has established itself as a first class company and its activities complement our own very well. The deal will enhance our resources and accelerate our growth.' Zenith provided back office functions for Hambros Vehicle Solutions, with the bank providing sales and marketing functions. Both will now be carried out by Zenith.

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