Newable, a provider of money, advice and space to SMEs, has acquired Synergy Automotive, which trades as Synergy Car Leasing, for an undisclosed sum.

Phil Reynolds (centre), managing director, Newable Lending, with the Synergy Leadership Team

Newable had already held a majority stake in the business since 2020 and has now acquired all outstanding.

The deal was supported by ThinCats, an alternative finance provider to mid-sized SMEs, which provided “a significant funding package” to enable the purchase.

Synergy Car Leasing was established in 2006 and offers both business and personal contract hire agreements. In 2023 Synergy achieved the Feefo Platinum Trusted Service Award for the fourth consecutive year.

Newable will now steer the company through its next phase of growth, focusing on continued help for UK SMEs to implement salary sacrifice schemes alongside growth in Synergy’s emerging fleet management business and an ongoing focus on being a customer champion in the leasing space.

Paul Parkinson, who founded the business in 2006, will stay with the business in his current role as executive chairman.

Phil Reynolds, managing director of Newable Lending, said: “We are now looking forward to the next phase of growth for Synergy Car Leasing, building on an exceptional, customer-first track record built over the past 17 years.

“The UK automotive leasing market continues to grow at pace, driven by an increased desire for flexibility from both personal and business customers, with the rise of hybrid and electric vehicles also playing a key role in creating a wealth of new opportunities.”

Legal support for the transaction was provided by Clarion and financial due diligence conducted by Translink Corporate Finance.