Fleet News

Hitachi buyout fears are allayed

THE boss of Hitachi Capital Vehicle Solutions is seeking to reassure customers that it is ‘business as usual’ to allay any concerns caused by an announcement that its majority shareholders aim to buy the rest of the business.

Japan-based finance company Hitachi Capital Corporation currently owns 65% of Hitachi Capital UK, of which the Vehicle Solutions division is a subsidiary, but is set to buy the 35% it does not already own.

UK bosses of the company contacted Fleet News to reassure their customers that service levels will not suffer as the deal goes through and to stress that the sole ownership move is good for the company’s future.

Managing director Simon Oliphant said: ‘Our customers won’t notice any difference to their service so it’s business as usual at this stage. I can’t say a lot as the deal has yet to go through but our customers should be reassured with the fact that Hitachi Capital Corporation has commitment and confidence in our company. It’s a great name and I’m very positive about it.’

Details of the offer come as the Vehicle Solutions division announced a pre-tax profits increase of 28% to £9.3 million for the year ending March 31, up from £7.2 million for the same period the previous year.

Announcing the results, Hitachi Capital said in a statement: ‘We intend to continue to focus on the more profitable specialist commercial vehicle and corporate contract hire markets and to add value to the customer proposition by offering complementary products and services.

‘Through training and development of staff, we aim to combine knowledge and expertise with market-leading service levels to retain and win new business.’

The company operates a fleet of more than 45,000 vehicles and is based in Newbury, Berkshire.

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