Hitachi Capital Vehicle
Solutions (HCVS) last month bought UK rental company Newtown
Vehicle Rentals, which went into administration on 2
December.
Hitachi Capital, of which
HCVS is a subsidiary, has embarked on a major push to increase its
UK presence, powered by increased funding commitment from its
Japanese parent.
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The fleet acquisition has
accompanied a spate of hires and new business lines within the
group’s general asset finance division, Hitachi Capital Business
Finance, while HCVS has implied it is looking at more acquisitions
in the near future.
The sale of NVR’s business
and 7,000-commercial vehicle portfolio came following a failed
attempt by the company’s management and supporting lenders to
restructure the business over the past 21 months.
Dominic Wong, joint
administrator from Deloitte, said: “NVR has historically been a
profitable business with robust revenues and high-quality
customers.
“The limited funding
available recently for new and replacement vehicles caused the
fleet to age, incurring greater maintenance costs which impacted
both profitability and cash flow.”
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By GlobalDataHitachi Capital Vehicle
Solutions chief executive Simon Oliphant said: “Our focus for the
next few weeks will be ensuring customers experience minimal
disruption.”
Of NVR’s 131 employees, 98 left the business on agreed
terms prior to the sale and 33 employees have taken up new
contracts with Hitachi Capital.
