As fuel costs rise, the prestige vehicle asset market could be
expected to be on the decline but Liberty Leasing, whose book is
dominated by prestige vehicles, is experiencing good growth.
Growth is predicted to continue at a good pace throughout 2008
as current figures for the book debt, the total receivables due –
including interest – hit £17 million ($30.67 million) at the end of
July.
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It is currently on track to increase this to £20 million by the
end of the year.
Pre-tax profits are also expected to rise by a further 20
percent. At the close of 2007, profits totalled slightly over half
a million pounds.
“I think the industry will see a downturn in prestige vehicles,
but we’re selling more because the first-tier lenders are
restricting their lending,” said Paul Sheedy, director of Liberty
Leasing, which also leases plant and machinery, commercial vehicles
and print equipment.
He continued, adding: “This is an open gap for us to fill, and
we see that as a growth area”.
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By GlobalDataThe asset finance company, which was founded in 2001, said that
it views the coming years as a chance to expand its market share,
dealing mostly within the second-tier marketplace up to SMEs.
Between 2004 and 2007 its loan portfolio almost quadrupled in
size. The impact of the economic downturn in recent months has had
less of an effect on Liberty Leasing than others, thanks to an
increase in the number of companies restructuring their existing
finances.
Liberty Leasing is enjoying steady growth through staff
expansion, having recently recruited Lewis Parker as the new
account manager for the North and North East England branch, and is
currently seeking a new member of the sales support team. It also
has plans to take on a number of staff members before 2009, in
keeping with its steady trend of staff expansion over the past six
years.
Recently the company’s brand has become more well-known
throughout the broker network, contributing to a strong image and
better publicity as its name becomes more well known.
