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Bird and Graham leave Leasedrive

Date: 15 July 2014   |   Author:

Leasedrive managing director David Bird and commercial director Roddy Graham are to leave Zenith Leasedrive Holdings at the end of this month, following the acquisition of both Leasedrive and Zenith by Hg Capital.

Though not declared publically at the time of the acquisition, Bird and Graham's departures are described as part of "an agreed six-month transition plan," that brings an end to both individuals' association with the firm they acquired in 2003.

"David and I retain great pride in the business and continue as significant investors in Zenith Leasedrive and advisors to Hg Capital," said Graham.

"While David and I leave on a high, the success of Leasedrive during our time at the helm was down to exceptional people and fantastic customers and both remain in place.

"We are of the firm opinion that by combining the best of both worlds, Zenith Leasedrive will have a very bright and successful future."

Leasedrive grew from 1200 vehicles in 2003 to 40,000 units under contract hire and fleet management at the end of last year, including the acquisition of both fellow lease firm Velo and Masterlease's UK contract hire business.

Hg Capital acquired an 80% share in Leasedrive in December, following it up within weeks by acquiring Zenith for a reported £200m.

The seven-strong holding board for Zenith Leasedrive Holdings includes chief executive and former Zenith boss Tim Buchan, Hg Capital's Andrew Land and former Lex Autolease boss Jon Walden, while the operating board of nine, led by Buchan and chief financial officer Mark Phillips, still includes three former Leasedrive directors.

"I would like to thank David and Roddy for their partnership with us through last year's acquisition of Leasedrive and subsequent investment into Zenith," said Land.