Fleet News

First National swoops on Highway Vehicle Management

FIRST National Vehicle Holdings has announced it has bought Highway Vehicle Management, the contract hire and leasing arm of GUS plc, for about £170 million. The deal is the latest in a series of acquisitions as Abbey National-owned First National pursues its stated aim of becoming one of the top three contract hire companies in the UK.

With around 20,000 vehicles on the books, Highway will catapult FNVC into the lower reaches of the 'leasing superleague' - dominated by Lex Vehicle Leasing, GE Capital Fleet Services and Lease Plan.

Berkshire-based Highway has endured a turbulent time in recent months after it was purchased by General Guarantee - the finance arm of retail giant GUS - in 1997. Long standing managing director Colin McLean left the company in 1999 after an extensive re-branding exercise and Highway's parent company confirmed it was up for sale in May.

The acquisition comes just weeks after FNVC purchased the 1,300-vehicle Brooklyn Vehicle Contracts fleet.

Leave a comment for your chance to win £20 of John Lewis vouchers.

Every issue of Fleet News the editor picks his favourite comment from the past two weeks – get involved for your chance to appear in print and win!

Login to comment

Comments

No comments have been made yet.

Compare costs of your company cars

Looking to acquire new vehicles? Check how much they'll cost to run with our Car Running Cost calculator.

What is your BIK car tax liability?

The Fleet News car tax calculator lets you work out tax costs for both employer and employee