Fleet News

Lloyds TSB buys Dutton Forshaw

LLOYDS TSB has acquired motor dealer group Dutton-Forshaw in a £48 million deal.

The move means its Asset Finance Division has taken on the group's 38 franchised dealerships, which represent 14 manufacturers.

The addition of Dutton-Forshaw Group to the Lloyds TSB Group will provide an infrastructure of retail outlets through which Lloyds TSB Asset Finance Division will be able to sell a proportion of the 70,000 used vehicles it currently disposes of through auctions.

It also provides an additional channel for the sourcing of new cars for its contract hire operation, Lloyds TSB autolease and other Lloyds TSB customers.

Maurice Rourke, who has held senior roles at Autologic Holdings, DaimlerChrysler and Inchcape, will head up the operation as managing director.

Lloyds TSB Asset Finance Division managing director John Davies said: 'With our strong track record in successfully integrating businesses, we are well placed to maximise the synergies that this acquisition provides.

'The acquisition of Dutton-Forshaw Group offers a great opportunity for us to increase the efficiency of our retail and contract hire operations.'

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