Banking Crisis Forces Lease Merge
Lex & LloydsTSB Autolease Merge
LloydsTSB & Lex - Who will be in the driving seat?
In the wake of the world economic crisis, the £12bn acquisition of HBOS by LloydsTSB is set to create Britain’s largest leasing company. If the deal passes shareholder and regulatory approval, the new venture, the culmination of HBOS’ Lex and LloydsTSB Autolease, will control approximately 280,000-400,000 fleet vehicles - depending on which story you read.
Businesscar.co.uk reports that Lex will likely “be the lead partner as it is nearly twice the size of LloydsTSB’s Autolease business” but no comment has been made by either party. However, Lex Managing Director, Jon Walden is pressing for optimism about the merger - “Consolidation is good for the customer because it will mean better capitalisation so we can provide better services. Being more substantial in scale means being better able to provide these services [...] I think this is a terrific deal.”
The deal is likely to be completed late 2008 or early 2009 with both companies merely continuing as per normal until such time comes. LloydsTSB Autolease boss Nigel Stead stated “The brief at the moment is ‘it is business as usual and we do not anticipate that this will change for some time to come”.
Fleet managers considering their next substantial order of vans may be wary of the impact of such a merger - less competition in the market place could possible be detrimental to the consumer with increasing van prices and potentially less choice. Only time will tell…..but there’s always Vansdirect.co.uk!
One Response to “Banking Crisis Forces Lease Merge”
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