All articles by Grant Collinson
Grant Collinson
Share purchase and rename at Merchant House
Merchant House Finance has changed its name to DS Finance & Leasing Limited following the 100% share acquisition by Industrial Investment Group (IIG). IIG acquired the 49% stake in the company previously held by Merchant House Group and the new company will operate from the offices of Daniel Stewart & Co in the City of London. IIG was started 18 years ago as a holding company and has been responsible for a number of businesses, often in partnership with other financial services companies.
Investec enters UK prestige car market
Investec Bank subsidiary Investec Asset Finance is set to enter the prestige car market, offering finance to individuals and businesses in exclusive partnership with broker London Asset Finance. Investec believes the new venture, which follows the likes of ING Lease and Lombard into the high-end vehicle segment, has significant growth potential in a sector that has seen a general contraction in participating lenders The company will take on business through London Asset Finances dealer contacts, although it is not yet known how many other brokers will be invited to pass on deals to the lender
LPM Outsourcing appoints MD to target growth
Outsourced service provider, LPM Outsourcing has promoted Madeline Bowd to managing director as it seeks to grow its leasing service provision. Bowd previously led the company as operations and client accounts director and was appointed to the newly created MD role to help grow the company. LPM, which manages over £1bn of receivables through outsourced back office and lease management services, is a subsidiary of Five Arrows Leasing Group, the asset finance arm of Rothschild Banking Group
Profit up 51% for De Lage Landen
Leasing proved the most successful business area for Rabobank in 2011 with a 51% leap in net profit for De Lage Landen. The Dutch banks leasing arm took in 304m in net profit compared to 201m in 2010 while profit at the Rabobank Group fell 5% year-on-year. De Lage Landens global income grew 12% in 2011 to 1.3bn and the total loan portfolio grew by 2.4bn to top 28bn by the end of the year.
Trio of partnerships part of global ambition for The Asset Works
Leased asset management firm The Asset Works forged three partnerships in February to offer its asset management services across the European leasing industry. The UK-based company teamed up with global advisory firm Jones Lang LaSalle, leasing software business NetSol Technologies and UK IT lessor Syscap to implement its assetaware system. Through the partnership with Jones Lang LaSalle, clients of The Asset Works will be able to access advisory firms appraisal and remarketing services through The Asset Works asset management system.
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Lex Autolease pledges £900m to SMEs
SME customers currently make up more than a quarter of the Lloyds Bank-owned lessors 280,000 vehicle fleet and the funder said it wanted to renew its commitment to the SME market along with its parent bank, which has pledged to increase business support and lending via an SME Charter.
Leasing growth outstrips equipment investment in EU
European leasing business grew 7.3% in 2011 and outstripped total equipment investment growth in the EU countries. A preliminary report from Leaseurope showed the total value of new business for the leasing trade bodys 26 member countries was 222bn compared to 208bn in 2010.
Land of hope and glory
It is often posited by British lessors that the levels of penetration into capital expenditure seen during the golden age of the 1970s and 1980s can never be recovered while tax conditions remain as they are.
Venture named ABN AMRO Commercial Finance in UK rebrand
In a statement, the company said it wanted to make the link to ABN AMRO more visible and added the move demonstrated ABN AMROs confidence in the Venture Finance business and its ability to enhance the groups reputation and standing in the UK.
UK SME lending to rise despite gloom – FLA
The February Asset Finance Confidence Survey, conducted by UK leasing trade body the Finance & Leasing Association (FLA), found 74% of respondents expected lending to SMEs to increase in the next three months, a 6% increase from the previous month, and 77% expect it increase over 12 months.