PHH will also offer its PCP product launched last year in partnership with Woolwich, called Woolwich Motorbase, to all of Littlewoods' 27,000 permanent staff. Woolwich provides the finance, carries the credit risk and offers an insurance facility, while PHH handles orders, underwrites the residual value risks and provides optional fixed cost maintenance.
Fourteen months after making the decision to change its fleet policy, about a quarter of the 400 'perk' car drivers have now moved to PCPs. Perk car drivers will have a choice of PCP products from debis and PHH or any other high street finance option.
Roger Ashman, PHH's director of financial services, said: 'Littlewoods is doing the right thing. The rigours of benefit-in-kind taxation make PCPs the obvious choice for a forward-thinking employer.'