Fraikin aims for five year funding with
securitisation
European truck lessor Fraikin has secured
funding for its UK, French and Spanish fleet businesses for the
next five years through a maximum €1bn securitisation.
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The pan-European securitisation, arranged by
Crédit Agricole CIB, with Natixis as co-lead arranger, is backed by
long-term lease receivables and the related trucks’ residual value
in a fleet of 49,000 across the three European countries, managed
by Fraikin.
Announcing the securitisation, Fraikin said
the purpose of the transaction is to fully refinance the existing
French fleet securitisation, which comes to an end in February
2013, and to provide committed funding in view of financing new
truck purchases for the next five years.
Ryder wins £3.5m deal with
MOD
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By GlobalDataCommercial vehicle lessor Ryder has won a
40-month rental contract with the Ministry of Defence (MOD)
covering the supply of vehicles in the UK worth £3.5m annually.
The contract for the provision of trucks,
tractors and trailers began in May 2012 and includes an option of a
12-month extension.
Under the contract, Ryder will also manage the
provision of specialist equipment such as tankers, horse-boxes,
truck-mounted cranes and ammunition carriers.
David Hunt, Ryder’s vice president and
managing director, FMS Europe, said: “Ryder has a long history of
supplying vehicles to the public sector, to local government ‘blue
light’ operations and to the MOD so we are fully conversant with
MOD transport requirements and regulations.”
Steve O’Leary, manager of the MOD’s Phoenix
fleet programme, said: “Ryder has an outstanding reputation for
supplying vehicles for MOD operations both in the UK and in
Europe.
“It won this tender process against stiff
competition and I look forward to working with the Ryder team
during the coming months to deliver the capabilities and
efficiencies we demand.”
Fleet Financial snapped
up
The Charles Hurst Group, a division of
automotive retailer Lookers plc, has acquired Northern Irish
contract hire and fleet management company Fleet Financial.
The firm, which manages more than 3,000
vehicles and has contracts with high profile brands such as Sky and
AXA Insurance, will continue to trade under the Fleet Financial
brand name as a division of the Charles Hurst Group retaining all
current directors and staff.
Philip Miley, sales and marketing director,
Fleet Financial, said: “This acquisition by the Charles Hurst Group
will enable us to deliver our growth strategy over the next number
of years and will further enhance our service offering and business
partnership to our customers through innovative products, improved
funding options and strengthened client relationship
management.”
Ken Surgenor, chairman of the Charles Hurst
Group said, “We are delighted to have acquired Fleet Financial
which is the undoubted market leader in Northern Ireland for
contract hire and fleet management.”
Barclays uses NLGS to support fleet
expansion
Barclays Corporate Banking has provided a
£1.5m asset finance facility to help logistics business Clarke
Transport expand its fleet and open a new depot.
Clarke Transport has already lease-purchased
six new Mercedes vehicles, taking its fleet up to 200, and the
facility will enable the purchase of up to 16 vehicles in
total.
The deal was eligible for the National Loan
Guarantee Scheme and included a 1% cashback from Barclays which
Clarke Transport will use to support the opening of the new
depot.
Andy Mayne, relationship director at Barclays
Corporate Banking said: “Clarke Transport has demonstrated how it
is possible to expand despite the challenging economic climate we
are operating in.
“Their strategic growth plans are commendable
and the opening of the depot in Luton will not only create new jobs
but will increase the company’s network which in turn will support
their future expansion.”
grant.collinson@vrlfinancialnews.com
