Inchcape Financial Services, a joint
venture between Lloyds Banking Group and Inchcape Motors
International, has ceased to write new business.
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In its annual report and accounts, filed at
Companies House, the company, which provides hire purchase, leasing
and point-of-sale motor finance for customers of Inchcape’s chain
of car dealerships, said: “A change in the company’s activities is
planned, with the intention that no new business is to be written
in future.”
Inchcape FS, which is 51 percent owned by Lloyds
Banking Group and 49 percent by Inchcape Motors International, was
first set up in the late 1990s as a joint venture between NWS Bank
(later Capital Bank, then HBoS Group PLC) and Inchcape.
With a portfolio exceeding £100 million, Inchcape
FS’ results for the year ending 31 December 2008 reflected the
general negative trend in the motor finance market.
Although turnover grew by nearly 20 percent
year-on-year to £4.4 million, the joint venture recorded a pre-tax
loss of £179,000, compared with the previous year’s profit of
£238,000.
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By GlobalDataDespite the Inchcape Financial Services joint
venture ceasing to write new business, Inchcape and its dealerships
continue to write business both with Black Horse and with other
financial partners, however.
A spokesman for Black Horse described the JV as an
historical agreement which had come to a natural end, and
reaffirmed the funder’s commitment to working with the dealership
group to provide point of sale finance to its customers.
Jason T. Hesse
