Hitachi Capital UK will expand its business into Ireland and within the Netherlands through its European Vendor Solutions division.
Hitachi Capital UK created its European Vendor Solutions in 2013, which the lessor said has grown to a team of three people writing £10m of business across three countries, to more than 20 people, transacting £242m in 17 countries in 2017/18.
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In 2017 Hitachi Capital UK opened a branch of European Vendor Solutions in Amsterdam, which allowed the European Vendor Solutions division to strengthen its direct presence in Europe and increase cross-border lending capabilities, said Hitachi.
The growth has allowed Hitachi Capital UK to create a standalone subsidiary called Hitachi Capital European Vendor Solutions B.V in Amsterdam, which is now opening a branch office in Dublin, RoI, to support business growth.
Hitachi said the division is forecasting a 17% year-on-year new business volume growth for 2018/19, and that European Vendor Solutions B.V. would become “a European hub” marking a statement of intent to capitalise on its strong performance and continue to grow a permanent footprint for Hitachi Capital UK in continental Europe.
Robert Gordon, chief executive officer, Hitachi Capital UK, said: “We’ve seen ten years of sustained profit growth domestically and our European Vendor Solutions division has also grown substantially since its inception six years ago. The launch of a dedicated subsidiary is the next stage in formalising our footprint in Europe and laying the long term foundations for further expansion.”
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By GlobalData“Vendor finance represents 37% of the Dutch leasing market and provides a major opportunity for us to develop our broader vendor business amongst the large contingent of Japanese companies in mainland Europe and establish new business relationships.”
Dilek Mackenzie, managing director, Hitachi Capital European Vendor Solutions, adds: “Creating a subsidiary in the Netherlands establishes a formal European hub and demonstrates our steadfast commitment to pursue local opportunities and support a greater number of vendors closer to each customer’s continental location. “
“We see significant potential to not only grow our business in the Netherlands, but to expand from our continental base to other locations. The opening of our branch in the Republic of Ireland coinciding with a buoyant local economy marks the next step in this journey.”
Hitachi Capital European Vendor Solutions has been operating both north and south of the Irish border for three years delivering a 55% growth in revenue in NI and ROI over the last year alone. The opening of a dedicated branch office, will see Hitachi Capital European Vendor Solutions build upon ROI’s growing economy.
Leasing Life wrote in December of Hitachi’s plans for the Netherlands, and the challenges and benefits of having a business dedicated to financing primarily Hitachi products closer to the customer’s location.
