Arnold Clark Finance managing director Hugh Wallace has died.

Arnold Clark’s leasing business, based in Glasgow, had been headed by Wallace for more than 30 years and the company passed the 50,000 funded-vehicle mark last year.

A statement from Arnold Clark said Wallace passed away on 19 May, while on a charity walk in Spain.

A statement from the company said: “Hugh was with the group for over 40 years, was an incredibly well respected member of the automobile industry and a key figure within Arnold Clark.

“His passion and dedication extended far beyond the automobile industry, touching many, from the charitable organisations he supported to the wider sporting community.

“This is a tragic loss and we offer his family our deepest sympathy. We hope they are able to grieve in privacy during this difficult time.”

Following the news the BVRLA issued a statement: “We were very shocked and saddened to hear about the death of Hugh Wallace.

“Hugh was a hugely respected figure in the fleet world and a longstanding supporter of the BVRLA and its work.

“He was very passionate about raising industry standards and sharing best practice and he always ensured that key members of the Arnold Clark management team were engaged and involved in BVRLA meetings and committees. Arnold Clark has supplied many winners for the BVRLA Achievement Awards over the years, and this is a testament to the team of people Hugh helped recruit, develop and nurture during his long career.”