Commercial vehicle hire company Ryder has
expanded its reach in the UK with the acquisition of truck rental
firm Hill Hire from Lloyds Banking Group, in a deal worth £154
million (€172m).

Lloyds, which ran Hill within its asset
finance business, has said the sale is part of its plan to get rid
of non-core assets. Regulators told the bank to reduce its balance
sheet and sell off assets in the wake of the financial crisis.

Ryder will take over a total of 13 depots in
the UK, as well as about 4,000 HGVs and other equipment. It will
also take on Hill Hire’s 297 employees.

The deal will mean Ryder Europe will have a
fleet of more than 10,000 HGVs, as well as more than 5,000

The European unit of US-headquartered Ryder
has 23 UK locations, working with the public sector to provide
rental vehicles and maintenance.

Hill Hire became part of Lloyds in 1999
through an acquisition by Capital Bank, part of Bank of