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UPDATE: Credit crunch sees Alphabet cut back on new business

Date: 18 November 2008   |   Author: Tristan Young

Mark Sinclair is boss of leasing firm Alphabet

Following yesterday's statement from Alphabet's owner BMW that the leasing division is to close its doors to new business as a result of the credit crunch, the firm has revised its approach.

Alphabet, BMW's multi-make leasing firm, had previously said its global position is not to take on any new customers from 19 November for an indefinite period. However, it will continue to do business with existing customers.

But today the firm has added to its statement, and said: "Alphabet in the UK can also consider taking on new customers but this will be looked at on a case-by-case basis, for the time being. We can't elaborate further on this at this stage."

Alphabet, the UK's 11th largest lease firm with a fleet of 45,000 cars and is run by Mark Sinclair (pictured above), who also runs a blog on the BusinessCar website.