Ryder
Europe, the commercial vehicle rental company, is to spend £22m
(€25m) on upgrading its UK rental fleet in response to growing
demand for
heavy goods vehicles as the economy recovers.

Difficulties in obtaining capital during the
recession meant that many companies delayed decisions on renewing
their vehicle fleets, or reduced the size of their fleets.
Registrations for new commercial vehicles in 2009 and 2010 were
lower than usual, which created a shortage in HGVs.

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As the UK economy has recovered, business
activity has increased and companies have begun to refresh their
truck fleets, according to Ryder Europe, which is owned by Ryder
Inc, the US transportation and supply-chain management
provider.

About 70% of Ryder’s new 562 vehicle fleet
will be HGVs. Ryder funded the investment from its own balance
sheet.

Nigel Martin, Ryder’s commercial vehicles
sales director, said: “A lot our customers who put off decisions
for fleet refresh are looking at renting for a couple of years
because they want flexible [vehicle finance] solutions post
recession. People want greener vehicles and are looking to grow the
size of their fleets.”

Martin said he was seeing growing demand for
HGVs in industries ranging from manufacturing and services, to food
distribution and freight.

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Ryder’s new HGVs comply with the latest
environmental regulations in London, which charge penalties to the
worst polluting vehicles entering the capital in the “low
emission zone” scheme.

In its last financial year, Ryder’s turnover
was £158m. In the public sector, Ryder provides contract hire
and rental vehicle services to local authorities, fire and health
authorities and the Ministry of Defence.