Lombard has officially hoisted the for sale sign above its fleet
business Lombard Vehicle Management.
After designating the car fleet specialist as
non-core to its operations a year ago, it has considered disposing
of or running down the business.
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“A sale has always been on the cards as one of
the things we could do,” a Lombard spokesman said. A number of
interested parties are said to be looking at buying LVM.
LVM increased its number of small fleets on
contract hire by 23% in the year to end-September 2010. It
currently manages 100,000 cars and vans, with clients including AA,
British Gas, BSkyB and IKEA.
The company returned to profitability with
after-tax profit of £15.6m in 2009, compared to an after-tax loss
of £17m in 2008.
LVM was
designated non-core by its parent company Royal Bank of
Scotland in June 2009 although at the time the company
said it was not for sale.
