Masterlease sold to banking firm; Leasedrive Velo to manage operation
03 December 2010
Masterlease has been acquired by Investec Capital Markets, and Leasedrive Velo has been appointed to manage, operate and integrate the new acquisition.
The new combined operation will have a fleet of over 40,000 vehicles, and creates what Leasedrive Velo managing director David Bird called an "industry leading" blue chip client portfolio.
"The fit between Leasedrive Velo and Masterlease is excellent and we look forward to developing and delivering exciting products and services for our customers," said Bird.
Investec acquired Masterlease General Motors' GMAC financial arm for an undisclosed amount. "Through our partnership with Leasedrive Velo Group, the business will continue to deliver the highest quality, bespoke vehicle management service," said Investec Capital Markets's Mike Francis. "The combined operation will invest in world-class services, products and people to deliver value to its customers across the UK."
All the parties involved said it is too early to speculate on the future of Masterlease's staff and management, currently based near the NEC in Birmingham, while Leasedrive Velo's headquarters is in Surrey.
"For the moment it's a case of business as usual but a full review of the organisation will be conducted in order to determine its structure going forward.," said a spokesman for Investec. "It is too early at this stage to go into details as we have not carried out that review. The key objective will be to seek a best practice approach throughout the business.
"As both Masterlease and Leasedrive Velo are in the same sector there may be overlap but these have not been identified" he continued. "So, at this stage, it is too early to know how if any roles will be affected and it would be wrong to speculate. Indeed, it should also be pointed out that a review will also provide opportunities for career progression."