It has contracted the management and day-to-day operations to Wokingham-based Leasedrive Velo Group.

Once part of the GM empire, Masterlease has been looking for a buyer since the American giant hived off its GMAC funding operation during the recession.

Investec Capital Markets’ Mike Francis, said: ‘This deal demonstrates our commitment to growing our asset finance book and is the third significant transaction we have completed in the last nine months.

‘Through our partnership with Leasedrive Velo Group, the business will continue to deliver the highest-quality, bespoke vehicle management service. The combined operation will invest in world-class services, products and people to deliver value to its customers across the UK.’

David Bird, managing director, Leasedrive Velo Group, said: ‘The fit between Leasedrive Velo and Masterlease is excellent and we look forward to developing and delivering exciting products and services for our customers.’

Masterlease has a fleet of around 40,000 vehicles and will continue to operate from its Birmingham HQ.