All articles by Grant Collinson
Grant Collinson
Larkin is new MD at Lloyds Commercial Finance
Ian Larkin has been appointed managing director of Lloyds TSB Commercial Finance (LCF), the invoice and equipment finance arm of Lloyds Banking Group (LBG).
Ogilvie Fleet buys ContraFlex corporate arm
Scottish fleet company Ogilvie Fleet, part of the Ogilvie Group, has bought the corporate fleet arm of Northern Irelands ContraFlex Contract Hire and Leasing. The Stirling-based company reportedly paid a six-figure sum for the portfolio of 350 cars and vans based in County Down. Ogilvie had been acting as a funder to ContraFlex for the last two years after major funders left the market.
Lease accounting standard gets second exposure
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have announced a re-exposure of the lease accounting proposals later this year. The IASB and its US equivalent released an exposure draft in August 2010 and have been deliberating the comments from interested parties for the last six months. The proposals, which set out a model for capitalising all lease and rental contracts, were criticised in around 800 comment letters for being unnecessarily complex and failing to be conceptually consistent
SolarTech offering green energy leasing deal
The deals, which will provide funding for the installation of photovoltaic (PV) electricity, solar hot water, heat pumps, biomass heating and wind power equipment, will be managed with the support of a major European bank.
Brokers take issue with ING and Barclays deal
Brokers have expressed concern at the news ING Lease UK has entered into an agreement to provide asset finance facilities for the Barclays Business Banking customers, as reported in Leasing Life The National Association of Commercial Finance Brokers (NACFB) is concerned the deal may exclude its members from brokering finance deals with Barclays SME customers. One independent finance broker has suggested the deal will take business away from INGs broker network and contradicts the companys policy statements on supporting brokers.
Subscribe to our Newsletter
Get industry leading news, data and analysis delivered to your inbox
Barclays spend a penny with Universal
Universal Tanker Services (UTS), part of the Merseyside-based company, received the funding to purchase a new tanker to meet an increasing level of demand from customers. UTS are a licensed Environment Agency waste carrier that specialise in the emptying and servicing of domestic and commercial septic tanks, the servicing of self contained welfare units and the delivery of non potable water.
Alphabet retains Barloworld fleet contract
Alphabet UK has retained the contract to manage the fleet for Barloworld Handling Limited following a 10-way re-tendering process. The BMW-owned fleet operator secured a third successive contract to manage the 650-strong car and van fleet for the forklift truck distributor which will take the partnership through to its tenth year in 2014.
Syscap offer ‘instant decision’ for resellers
IT financing company Syscap have introduced an instant decision in principle service for resellers brokering IT leases. The immediate response service for qualifying customers will include a finance quote and an analysis of the cost of the lease compared with a cash purchase.
Tusker win sole supply contract with MAN
Fleet management and leasing company Tusker has been appointed sole supplier of contract hire services to MAN Truck and Bus. The UK subsidiary of MAN Truck & Bus AG, part of the Munich-based MAN SE Group, a provider of commercial vehicles, has appointed Hertfordshire-based Tusker to manage its fleet of nearly 400 cars and vans.
Fleet sizes fall despite ‘end’ of recession
Overall fleet sizes in the UK have continued to fall since the end of 2009 according to new research. 23% of respondents to a survey by MIB Data Solutions reported their fleet was now smaller than in the second half of 2009 when the recession technically ended. In contrast, 17% of the 115 fleets questioned reported a growth in their fleet size over the same period.