The UK arm of Siemens Financial
Services is to shut down two of its legacy Broadcastle businesses,
including its funfair equipment leasing arm, Siemens Bellevue
Finance Ltd.
Siemens Motor Contracts, based in
Stansted, along with Bellevue will be closed once current business
is run-off. They both closed to new business on 12 December.
Siemens said the reason for the move was that the two companies are
not core to their overall businesses.
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The move comes in the wake of plans by
the European financial services arm to increase the amount of
business it sources directly from its parent. At present the UK
arm, run by James Gearey, finances between 5 and 10 percent of
assets manufactured by Siemens.
A Siemens spokesperson said that while
the company has not ruled out redundancies at the UK business,
“staff are in consultation negotiations and we are looking to place
them in Siemens Financial Services or within Siemens where
appropriate”.
* See ‘New dawn for Siemens FS’ for a new
analysis of the UK arm of Siemens Financial Services
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