The deal heralds the next stage in a wave of consolidation to hit the UK’s leasing industry and creates a new business, Leasedrive VELO, with a combined fleet of about 17,500 cars. This puts it in 20th place in the FN50 list of the country’s largest leasing companies with a combined turnover of more than £55 million.
The merger includes the whole of Leasedrive Group, including Countrywide Car and Van Rental and Stopgap Mid-term Rental.
VELO’s range of services includes employee car ownership schemes and cross-border services, through its partnership with the European Fleet Alliance. The new senior management team at Leasedrive VELO will be Roger Partridge, chief executive officer; Roddy Graham, commercial director; David Bird, chief financial officer; and Tony Johnston as chief operating officer.
Leasedrive was winner of the 2006 Fleet News Award for ‘Best Contract Hire/Fleet Management Company’.