The exact purchase price has not been disclosed but Ogilvie said it involved a six-figure sum. The acquisition adds approximately 350 company cars and vans to the Ogilvie Fleet portfolio, bringing the total portfolio to some 400 company cars and vans.

The business will operate in the province as Ogilvie Fleet Northern Ireland, with staff including Gary Kennedy, who was appointed earlier this year as area sales manager for Northern Ireland based in Belfast.

Joining Kennedy in the Ogilvie Fleet Northern Ireland office will be three new members of staff who have been recruited from Contraflex: Mark McAllister, who is also employed as an area sales manager; Louise Henry, customer service executive who will handle day-to-day customer relationships; and Joanna Bruce, accounts and office administrator.

Industry data suggests that there are some 15,000 vehicles on contract hire in Northern Ireland, of which approximately 9,000 are managed by three indigenous companies.

Gordon Stephen, managing director of Ogilvie Fleet, said: 'Over the next three years we hope to grow the business to some 2,000 vehicles in Northern Ireland.'

Contraflex Contract Hire and Leasing, which was launched by John Henry in 2000, will continue to write personal leasing business from its existing office on the Carrowreagh Business Park in Dundonald, Belfast.

Ogilvie Fleet Northern Ireland will operate from the same building with Mr Henry working as a consultant for at least the next two years.

Nick Hardy, sales and marketing director of Ogilvie Fleet, said: 'Businesses are expanding in Northern Ireland and we believe we have a track record in serving the small to medium fleet sector that will help to win new contracts.

'Customers moving to Ogilvie Fleet from Contraflex will benefit from the significant investment that we have made in online fleet management software in recent months. They will see online services and facilities that we don't believe are currently on offer in the province yet at the same time will have all of the traditional levels of personal and flexible service that have made Ogilvie the respected company it is today.'

Earlier this year Ogilvie Fleet announced a tie-up with Germany-based Sixt Leasing as part of its plans to offer a true pan-European service.