Fleet News

Lex £4.5M sale and leaseback deal

The acquisition of Hewden Tools by Lex customer, Speedy Hire, has seen Lex complete one of the largest sale and leaseback agreements in its history.

Lex handed over a cheque for £4.5m, after it purchased 740 cars and vans from Hewden Tools and leased them back on the day the acquisition by Speedy Hire was announced.

This extends the sole supply Speedy Hire fleet on contract hire with Lex to over 2,500 vehicles, including more than 1,500 light commercials and 1,000 cars.

Some of Hewden’s fleet are on short-term contracts and will be replaced in 2008, while the rest have been transferred onto Speedy Hire’s 30-month and 36-month replacement policy for vans and cars respectively.

From January 1, Lex will begin to re-brand the Hewden vehicles as Speedy Hire.

Lex continues to supply and manage Speedy Hire’s fleet on a non-maintenance contract hire basis.

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