Fleet News

Zenith cleans up with £1m order

ZENITH Vehicle Contracts has won a £1 million contract from Shires Bathrooms to manage a personal leasing scheme developed by accountant Arthur Andersen. The contract applies to 75 cars at the company's sites in Bradford, Stoke on Trent, Rochdale, Belfast and Darwen and represents the first time the company has decided to offer personal leasing products to staff.

Under the SECOP (Structured Employee Car Ownership Plan), Zenith will buy all the existing company cars, which are under three-and-a-half-years-old, and sell them back to staff. When employees qualify for new cars, they will enter into a credit sale arrangement with Zenith to buy their new car. Shires Bathrooms says staff will benefit from an expanded car choice and will not pay benefit-in-kind tax, while the company has reduced its cost base and the amount of capital tied up in its balance sheet thereby adding to profitability and cash flow.

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