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March 31, 2016updated 12 Apr 2017 3:48pm

Lex signs deal with FTSE 250 property developer

Lex Autolease, the fleet arm of Lloyds Bank, has signed a leasing deal with UK property developer Redrow Homes.

By Sotiris Kanaris

Lex Autolease, the fleet arm of Lloyds Bank, has signed a leasing deal with UK property developer Redrow Homes.

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Redrow Homes has agreed to lease an initial 600 cars and commercial vehicles from the fleet lessor, as the company plans to hire 250 new employees this year to join the existing 1,200-strong workforce.

The company, which earned record pre-tax profits of £104m for the six months ending December 2015, has agreed a three-year sole supply contract with Lex Autolease, which is expected to significantly grow as the business rapidly increases its headcount.

The new deal is set to significantly reduce fleet costs for the property developer by digitising previously manual processes, including invoicing and online ordering.

Matthew McDonnell, business development manager at Lex Autolease, said: "Our work with Redrow demonstrates that leasing can provide large businesses with the support needed for a significant increase in headcount over a short period, together with delivering savings that can be reinvested back into growth.

"Additionally, by providing the company with maintenance, Daily Rental and accident management solutions, we can ensure Redrow keep their vehicles on the road with the minimum of downtime. Together with Lloyds Banking Group, we’ll strive to support the business on its upward growth trajectory."

 

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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