Bank of Ireland UK strengthens its car and asset finance business with acquisition of Marshall Leasing Limited for £42.5 million

Bank of Ireland UK (“BOIUK”) is pleased to announce the acquisition of Marshall Leasing Limited (“Marshall Leasing”), from Marshall Motor Holdings Plc for a consideration of £42.5 million. On completion of the deal Marshall Leasing will become part of Northridge Finance, BOIUK’s car and asset finance business. The acquisition of Marshall Leasing is conditional upon Northridge Finance receiving regulatory approval.

Established in 1979 and based in Cambridgeshire, Marshall Leasing provides a range of contract hire fleet services including fleet management, risk management, contract purchase and daily rental. It is focused on the SME sector and has a fleet of in excess of 6,000 vehicles. In November 2016, Marshall Leasing was named Fleet Service Company of the Year 2016 by the Association of Car Fleet Operators (“ACFO”).

Northridge Finance is BOIUK’s car and asset finance business operating across the UK market. It provides personal and commercial asset finance serving the Motor Dealer, Finance Broker, and Corporate markets, offering a comprehensive range of vehicle related lending products and services. The business has won three prestigious industry awards over the past three years, most recently being voted the Best Independent Bank owned Lender at the Car Finance Awards in June 2017.

Des Crowley, Chief Executive of Bank of Ireland UK, commented:

“We are delighted to announce the proposed acquisition of Marshall Leasing. We are driven by achieving growth through a strong partnership approach.  This acquisition will help Northridge Finance to continue to develop and diversify its business. ”

James McGee, Managing Director, Northridge Finance commented:

“This is an exciting opportunity which represents a positive addition to our motor asset based lending business. This will enable Northridge Finance to offer a wide range of products, providing added value to our intermediary partners. Marshall Leasing has an excellent reputation in the vehicle hire market, has a strong order book, and is well positioned to achieve further growth. We are looking forward to working with the Marshall Leasing management team in expanding the business and also to develop a strong trading relationship with Marshall Motor Holdings Plc.”

Daksh Gupta, CEO Marshall Motor Holdings Plc commented:

“Marshall Leasing has been an important part of our Group for many years. On behalf of the Board I would like to thank all my leasing colleagues for their significant support and contribution over this period and wish them well for the exciting times ahead under new ownership. We have formed an excellent relationship with the Bank of Ireland team and look forward to working together in the future.”

Ends

For further information please contact:

Bank of Ireland UK:

Sara Holland, Head of UK Communications            Tel: +44 78 3171 8436

Bank of Ireland Group:

Damien Garvey, Head of Communications              Tel: +353 86 831 4435

Notes to editors

About Bank of Ireland UK

• Bank of Ireland primarily operates in the UK through its wholly owned and separately incorporated subsidiary, Bank of Ireland (UK) plc, which is authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
• Supporting over 3 million UK consumers, Bank of Ireland UK comprises:

• An established financial services partnership and foreign exchange joint venture (FRES) with the Post Office, together with c.2,500 free-to-use  BOI/Post Office ATMs, one of the largest ATM fleets in the UK.
• A long term partnership with the AA, which brings a product portfolio of credit cards, personal loans, savings and mortgages to nearly 4 million AA members.
• A successful UK mortgage business.
• A highly regarded UK car and asset finance business, Northridge Finance.
• A full service retail and commercial bank in Northern Ireland.