Fleet News

Lex hails ‘most important deal’

LEASING giant Lex has signed what its managing director says will be the most important deal of its kind in the fleet industry this year.

Rentokil Initial has awarded the UK’s biggest leasing firm a major five-year fleet deal for its 6,000 UK company vehicles.

The business is best known for its pest control division but other services include package delivery, interior design, catering, electronic security, cleaning, washroom solutions and textiles.

The complexities surrounding the deal involving Rentokil Initial has prompted Lex managing director Jon Walden to explain to Fleet News why the company is so delighted to have won it. It will initially include 2,500 vehicles (including car and vans) on sale and leaseback and comes five years after negotiations between the two companies first started.

Mr Walden said: ‘This is going to be the most important deal in the market this year, because of its scale and complexity.

‘It covers a wide range of different things. It also demonstrates how our large customers view our IT system, in which we have made a considerable investment worth millions of pounds.’

Rentokil Initial is outsourcing all aspects of the fleet, including accident management and daily rental, as well as fleet management of some leased cars. Lex will supply all of the company’s cars and vans on full maintenance contract hire agreements.

Rentokil Initial’s chief financial officer Andrew Macfarlane said: ‘This agreement comes on the back of a wholesale review of our vehicle fleet requirements in the UK. Vehicle management isn’t part of our core business so we have decided to outsource the whole operation to Lex which has an excellent pedigree in the fleet sector.

‘This will allow us to focus specifically on meeting customer needs and improving operational efficiency within the business.’

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