BNP Paribas Lease Group subsidiary Albury Asset Rentals has
announced it will post record year-end results for 2008 in terms of
volume and profitability.
For the 12 months leading up to December 2008, Albury’s new
business volumes will exceed €107 million, and profits – even after
bad debts – will stand in the region of €4.5 million.
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Albury Asset Rentals is the UK’s largest funder by portfolio of
materials handling equipment, primarily forklifts, and was
established in 1997 with the sole intention of growing its share in
that market, according to Kevin Lofting, its founder and managing
director.
Albury now has a portfolio of €196.4 million comprising 23,500
trucks, and has relationships with 350 dealers, distributors and
manufacturers across the UK.
According to Lofting, Albury’s parent BNP Paribas has come
through recent months “relatively unscathed” compared with many
other banks, and continues to be a strong source of funding for
Albury.
“The materials handling industry is a good barometer of the
economy,” said Lofting, “and 2009 will undoubtedly see a
substantial downturn, maybe as much as 30 percent. However, the
withdrawal of some of the funders from this niche market will
ensure Albury is well placed to increase market share.”
Albury has also been named as the exclusive sponsor of 2010’s
IMHX event, the UK’s premier materials handling trade event. This
marks a move by Albury to begin marketing on a national level, from
previous local activity.
