The management of Fleet Logistics has bought the company from owner Frank Consolidated Enterprises.

Chief executive Peter Soliman, who led the management buyout, said: “Despite our success, one of the most common objections in the European marketplace to the Fleet Logistics business model has been that the ownership by a competing leasing company, albeit one that is US-based, compromises our ability to be truly objective and independent.

“To clearly address this misconception, as we will never be a leasing company, we have completed a management buyout.”