Close Asset Finance, a subsidiary of Close Brothers Group, has
formed a company dedicated exclusively to leasing.
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Close Leasing Limited, which launched on November 1, and which
is based in Manchester and Surbiton, will specialise in equipment
leasing transactions that fall between £500,000 and £5m in value –
part of Close Asset Finance’s strategy to extend its capabilities
into the mid-ticket marketplace.
The management team will comprise of Neil Davies, the former
managing director of Systems Leasing & Rentals, Paul Bartley,
the ex European business development manager of CIT, and Tom
Dramby, director of credit at ING Lease.
Mike Barley, CEO of Close Asset Finance, said the new leasing
subsidiary “compliments perfectly the existing Close Asset Finance
activities in the small to mid-market sector and reinforces our
commitment to creating a strong, sustained growth in the UK
equipment leasing market”.
Established in 1987, Close Asset Finance, which offers hire
purchase, leasing and rental options and facilities for businesses
to raise working capital against existing assets, recorded an
increase of 14 per cent in its transport and engineering lending
business to £358m for half-year 2007.
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By GlobalDataWhile Close Asset Finance currently finances commercial
vehicles, buses and coaches, construction plant and machine tools,
Bartley said that the new leasing company will extend these
capabilities.
“We plan to build a portfolio of over £500m over the next five
years and will cover a broad range of market sectors including,
construction, engineering, telecoms, waste management and renewable
energy,” Bartley said.
“We will source our business through a range of intermediaries
such a specialist lease brokers, equipment vendors, corporate
finance advisors as well as other lessors.”
