Bluestone Leasing, formerly Wyse Leasing (North) Ltd, rebranded
earlier this year. Biran Rogerson finds out what has been happening
since
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No one can accuse Bluestone Leasing of not being ambitius. In
five years it plans to float its business, following in the
footsteps of a growing number of smaller lessors which have gone
down this route.
Also, whereas Wyse Leasing (North) Ltd restricted itself
geographically, Bluestone is seeking a national and pan-European
presence.
Furthermore, with a current portfolio of around 7,500 existing
lessees, and a range of 1,000 vendor partners, Bluestone is on the
acquisition trail.
Its managing director, Vineesh Madaan, said: “Our five-year plan
is based on growth. This means we are interested in acquiring both
portfolios and companies.
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By GlobalData“For example, there are a large number of brokers operating out
there who are doing similar lines of business to ourselves – but
who are struggling to take the next step .
“We would like to hear from them with the aim of either working
alongside them or acquiring their books.”
It is also seeking to acquire additional staff in the context
of, according to Steve Russell, Bluestone’s sales director, a
growth in deal sizes and an alleged increased role in the leasing
marketplace.
The business has already grown since the rebranding, with the
Wakefield-based team now totalling 20 staff. The management team
includes Philip Bennett, chairman and major shareholder, Peter
Jamison, operations director, John Higgins, who joined Wyse Leasing
(North) in July 2005 as finance director, as well as Steve
Russell.
Russell brings with him a career background in technology and
technology asset management. Latterly he was managing director of
BTR UK, a specialist information technology (IT) asset management
company focused on the end-of-life inventory disposal.
Bluestone funds office furniture, IT – both hardware and
software – telecoms, audiovisual equipment and office interiors,
predominantly through vendor partnerships. The major share of new
business is brokered out to a select range of funders, including
Barclays and CIT.
“From the beginning,” Vineesh Madaan said, “we have had received
terrific support from our funders, and give special thanks to Mark
Pickensales director at ING Lease UK and Rod
Barthet sales and marketing director at Siemens Financial
Services.”
Another growth area, vendor finance, is being developed to
ensure that every type and size of vendor is provided with the
exact level of service and expertise required. Bluestone uses an
account management team for large vendor partners, and a ‘quote on
line’ interactive tool for those providing business on a less
frequent basis.
Most deals are carried on finance leases and vary in value
between £1,000 to over £1m. Bluestone carries residual value in
some cases, and customers in some deals can upgrade their leased
equipment.
