Fleet management company Zenith has completed
a securitisation facility to provide further funding for
growth.
The company, formerly Zenith Provecta,
announced the facility a week after rebranding, dropping Provecta
from its name.
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The rebrand comes three years after Zenith
acquired Provecta Car Plan. Chief executive, Tim Buchan, said
progressing under the single Zenith brand was the next natural step
in the company’s development.
The securitisation facility, announced in a
statement on 5 September, was developed with the company’s banking
partner HSBC and will grant Zenith funding independence.
Zenith currently manages a fleet of around
33,000 vehicles in the UK.
Mark Phillips, chief financial officer, said:
“Whilst other forms of securitisation have been used in our
industry before, the structure we have developed is genuinely
unique in a number of ways.
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By GlobalDataPhilips said the facility was divides the
rental element of securitisation from the residual value but would
not be drawn on the specific makeup of the facility.
Phillips said Zenith’s customer roster of
quality businesses made it an attractive proposition for
investors.
“There is a pool of capital out there that is
keen to invest money securely in top quality assets,” he said.
Andrew Cope, Zenith’s chairman, described the
securitisation facility as substantial and highly scalable and said
it was sufficient to fund the company’s anticipated growth.
Phillips said Zenith was in a period of strong
organic growth and expected the company’s fleet size to broadly
double in the next three to four years.
“It is gathering momentum; there are a lot of
opportunities for us,” he said.”
