This allows Norwich-based MEVC to focus on fixed term funding products such as contract hire, contract purchase and personal motoring schemes. In September 1998 MEVC and Kenning Leaseline reported a combined contract hire fleet of 24,944 vehicles including 10,000 Motability cars.
The merger will consolidate the companies' access to funding through MEVC's joint venture with Lloyds UDT, and further economies of scale are expected in other areas of purchasing. Waterlooville-based Kenning Leaseline, will concentrate on fleet management, outsourcing and Motability. The changes will lead to some redundancies, although the companies are trying to find alternative employment for staff affected within other areas of the business.