News - 2006 Archive

• Safe Route through the LCV labyrinth
• ING Protect can help you save on insurance costs
• Road death risks
• New Child Car Seat Regulations
• Beware - Cash takers
• Things to Consider when Choosing a Leasing Company
• ING Expands with acquisition of Appleyard
• Changing Attitudes to Risk Management
• Reluctance and Risk Assessment

ING Expands UK Car Leasing with Acquistion of Appleyard

ING Expands UK Car Leasing with Acquisition of Appleyard

 

ING Car Lease, a subsidiary of ING Wholesale Banking, has entered into an agreement with Jardine Motors Group and Barclays Mercantile Business Finance Limited to purchase the UK-based car lease company Appleyard Vehicle Contracts. The financial terms of the transaction are not disclosed.  

 

The acquisition marks a significant expansion of ING's UK car-leasing operation, and forms part of ING Car Lease's strategy to increase its pan-European business operations both through organic growth and selective acquisitions. ING Car Lease acquired the French car leasing operation Autoplan in 2005.

 

The acquisition will boost ING Car Lease's UK fleet by 27,000 units to over 43,000 vehicles, and positions ING's UK car lease business as one of the top ten fleet operators in the UK long-term contract lease market. 

 

Appleyard Vehicle Contracts employs 115 staff based in Leeds, who will transfer with the business.  The transaction, which has received FSA approval, will be notified to the Irish Competition Authority for clearance and will not be put into effect in Ireland until clearance has been obtained.

 

 

Alain Vervaet, CEO of ING Lease Holding said: “This acquisition is an excellent fit for ING Car Lease in the UK and further reinforces the expansion of our European network. As the European car lease market continues to consolidate, the integration of ING Car Lease and Appleyard Vehicle Contracts in the important UK market will enable ING Car Lease to continue to enhance its position as one of the leading businesses in the pan-European car leasing sector."

 

Ian Tilbrook, Managing Director of ING Car Lease UK said: “Appleyard Vehicle Contracts has considerable expertise and an excellent reputation for providing a high level of service and maintaining long-standing customer relationships. These values complement those of ING Car Lease and we look forward to developing the company to deliver further value to our customers." 

 

Alan Maude, Managing Director of Appleyard Vehicle Contracts said: “We are delighted to be joining ING Car Lease, which will allow our customers to benefit from a pan-European infrastructure. Bringing two companies of similar cultures together is a very exciting prospect, and one which we relish while continuing to maintain the highest levels of service to our customers."  

 

Press enquiries:

Ian Tilbrook, Managing Director, ING Car Lease UK Ltd, +44 870 402 8201

Greg Taylor, Commercial Director, ING Car Lease UK Ltd, +44 870 402 8221

 

 

ING Wholesale Banking

 

ING Wholesale Banking is one of the 6 business divisions of ING Group, and provides high-value-added products and services to ING's corporate and institutional client base, in over 40 countries world-wide. ING Wholesale Banking also incorporates ING's activities in Leasing and Real Estate

 

ING Car Lease

 

ING Car Lease operates in 8 European countries and is a major European player in long-term car lease with more than 160,000 vehicles on the road with a further 110,000 vehicles through our strategic alliances in Germany and Portugal.

 

Appleyard Vehicle Contracts

 

Formed in 1931, Appleyard Vehicle Contracts is based in Leeds and employs 115 staff, with 1200 client contracts.  AVC has a strong position in the UK car Leasing market, and especially in the public sector and UK National Health Service car lease markets. The company is known for its excellent standards of customer service and its loyal customer base.