Lloyds Banking Group has announced the acquisition of salary sacrifice provider Tusker, in a deal worth around £300 million.

Tusker has a fleet of over 23,000 vehicles, including 60% EVs, with employees of more than 1,300 companies, and has seen its customer base grow tenfold in the past ten years.

The deal adds to Lloyds’ portfolio of motoring businesses, which includes Lex Autolease and Black Horse.

Lloyds Banking Group managing director for transport Nick Williams (pictured) said: “As part of our 2022 strategy, we outlined our ambitions to grow our participation in vehicle leasing and the acquisition of Tusker is a key part of delivering on this with a net-zero focus, at a time when the transition to sustainable methods of transport is a high priority for both our business clients and retail customers.

“Alongside our Lex Autolease business, this acquisition allows Lloyds Banking Group to offer our products and services across a wider section of businesses and enterprises, enabling them to provide competitive benefits packages while helping them transition to net-zero.”

Tusker CEO Paul Gilshan said: “Lloyds Banking Group are the obvious choice to take Tusker to the next phase of our growth and I am delighted that we are joining the Lloyds family. 

“Not only do we have aligned strategic goals on our commitment to net zero and excellent service, but with their strong financial support we can grow our electric fleet faster by offering exceptional value to our customers, drivers and partners.

“And while remaining as a stand-alone salary sacrifice business we can continue to do what the Tusker team do best and offer more companies and employees across the UK access to affordable electric vehicles.”