Fleet News

Abbey National sells First National Vehicle Holdings

Abbey National has sold First National Vehicle Holdings (FNVH), its contract fleet hire businesses, to Lloyds TSB Asset Finance Division in a deal worth £447 million.

The purchase price includes all the net assets of FNVH and a goodwill premium of £71 million. Abbey National expects to achieve a small profit on disposal.

As part of the purchase price, Lloyds TSB Asset Finance Division will also buy Abbey National Vehicle Finance (ANVF), a bespoke finance company used to provide Abbey National's staff car scheme.

FNVH has more than 73,000 vehicles and a broad base of blue chip clients, and it leads the UK market in providing company car ownership schemes through its subsidiary Whitechapel.

The sale of FNVH follows a strategic review and refocusing of Abbey National's Business Finance Division towards the small and medium business sector.

Gary Hockey-Morley, Director, Abbey National business said: 'This sale will allow us to focus on rapidly growing in selected small and medium finance markets including commercial mortgages, business banking, asset finance and invoice finance, where we can maximise cross sales and referrals.'

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