Investec Asset Finance has reached £250m (€278m) in materials handling business, four and a half years after the dedicated division launched.

This was an almost twofold increase on the March 2017 loanbook size of £130m.

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The materials handling team has been led since launch by Andrew Woodward, formerly of Aldermore and BNP Paribas.

The team includes six other Aldermore Bank veterans: Stacey West, Gill Coupland, Linda Hide, Jon Hussey, Mandy Woodford and Mandy Holcroft.

Investec said the division was now working “with more introducers than ever before”.

Woodward said: “We’re one of the only teams that specialises in materials handling – it’s our core focus, and with a combined 120 years of experience in the industry, we know it very well indeed.

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“We’ve been able to grow thanks to a relentless focus on helping introducers, providing high levels of service in addition to providing useful, smooth-running technology to allow them to get deals paid out as quickly and efficiently as possible.”

Investec’s and other independent lessors’ materials handling divisions compete with the captives of JCB, Caterpillar (Cat Financial), Kion and Jungheinrich, among others. Vendor finance provider DLL also has partnerships in place with a number of distributors.

Pan European Asset Company (PEAC) has also acquired a 30% equity stake in Linde Financial Services, part of the Kion group, through its acquisition of IKB’s leasing operations.

An asset class in relatively stable demand, materials handling equipment has seen a recovery in sales as European economies picked up following the post-2008 recession.