The move increases ING’s fleet by 27,000 units to more than 43,000 units, and based on the latest Fleet News FN50 analysis of the UK’s contract hire firms, 43,000 vehicles would put the expanded firm in 11th place.
Appleyard employs 115 staff at its headquarters in Leeds, who will remain with the business.
The transaction, which has received Financial Services Authority approval, is awaiting Irish Competition Authority clearance before becoming effective in Ireland.
ING Car Lease managing director Ian Tilbrook said: ‘Appleyard Vehicle Contracts has considerable expertise and an excellent reputation for providing a high level of service and maintaining long-standing customer relationships. These values complement those of ING Car Lease and we look forward to developing the company to deliver further value to our customers.’
ING Car Lease, a subsidiary of ING Wholesale Banking, entered into an agreement with Jardine Motors Group and Barclays Mercantile Business Finance Limited to buy Appleyard Vehicle Contracts.