[April 2011] Lombard has provided a funding solution that has helped to enable Fleet Efficiency to both expand its business and reduce costs at the same time. Fleet Efficiency Ltd, established in 2004, is a leading UK fleet management company whose services include vehicle finance, maintenance and telematics. It also provides fuel card and driver management services.
Fleet Efficiency had the opportunity to acquire 158 cars and commercial vehicles from its original supplier and Lombard's £720k sale and leaseback finance solution allowed Fleet Efficiency to free up capital and save money on outsourcing. The saving has allowed Fleet Efficiency to invest further in service delivery with no increased cost to the end users.
Mick James, Director of Fleet Operations, said: "Lombard created a tailored finance solution which enabled us to invest in the expansion of the fleet, saving on rentals and bringing everything in-house. Lombard took care of the whole process and I can't speak highly enough of its team. The funding has enabled us to move our strategy forward by at least 12 months and invest more in our service levels."
Nigel Kerr, Head of Contract Hire, Lombard – Business and Commercial, added: "Lombard's funding helped Fleet Efficiency save on rental costs and removed the risks associated when dealing with an external supplier. It was important that everything went ahead without disrupting the daily business."
---Ends---
For further information please contact:
Karyn Theron
PR & Communications Manager, Lombard
+44 771 780 7092
karyn.theron@lombard.co.uk
Notes to Editors
Lombard is part of The Royal Bank of Scotland Group. As one of the largest asset financiers in the UK and voted best by Business Moneyfacts in 2009, 2010 and 2011, Lombard provides various forms of asset finance to businesses of varying sizes – from SMEs to large corporates. Products include Hire Purchase, Finance Lease, Operating Lease, Sale and Leaseback, Contract Hire, to Contract Purchase, as well as multi-specialist asset finance products such as marine, aviation and specific wholesale and stocking funding for distributors and dealerships.
Celebrating its 150th anniversary in 2011, Lombard is headquartered in Redhill, Surrey, with an extensive network of business centres situated throughout the UK, and is an appointed representative of The Royal Bank of Scotland plc, which is authorised and regulated by the Financial Services Authority.
