Bank of Ireland UK acquires Marshall Leasing
Bank of Ireland UK (BOIUK) has announced the acquisition of Marshall Leasing from Marshall Motor Holdings Plc for £42.5m.
The deal will see Marshall Leasing, which has a fleet of more than 6,000 vehicles, become part of Northridge Finance, BOIUK’s car and asset finance business.
Des Crowley, chief executive of Bank of Ireland UK, said the acquisition will help Northridge to continue to develop and diversify its business. Marshall Leasing, which was established in 1979, is targeted at the SME sector and provides a range of contract hire fleet services including fleet management, risk management, contract purchase and daily rental.
James McGee, managing director, Northridge Finance, added: “This is an exciting opportunity which represents a positive addition to our motor asset-based lending business. This will enable Northridge Finance to offer a wide range of products, providing added value to our intermediary partners. Marshall Leasing has an excellent reputation in the vehicle hire market, has a strong order book, and is well positioned to achieve further growth.”
The acquisition is conditional upon regulatory approval and is expected to close this year.