£4.5m sale-and-leaseback win for
lessor

Lex has done one of the largest sale-and-leaseback deals in its
history.

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The lessor has signed a £4.5m sale-and-leaseback agreement
covering the fleet of Hewden Tools, a tool hire company which was
acquired by Speedy Hire in August.

 

Speedy Hire is currently a Lex fleet customer, and the
sale-and-leaseback will see Lex gradually move the 740 cars and
vans owned by Hewden Tools over to the terms on which the motor
lessor operates Speedy Hire’s fleet.

 

Former Hewden Tools vehicles which were on short-term contracts
are now scheduled to be replaced in 2008, while the rest of the
fleet has been transferred over to the 30- and 36-month replacement
cycles operated by Lex for the Speedy Hire fleet, which the lessor
manages on a contract hire, non-maintenance basis.

 

After the sale-and-leaseback is completed, Lex will operate over
2,500 vehicles on Speedy Hire’s behalf, including 1,500 light
commercial vehicles and 1,000 cars. From the beginning of 2008, the
740 former Hewden Tools vehicles will begin to be rebranded as
Speedy Hire.

 

Fleet director for Speedy Hire, Ian Leonard said: “The timing
was key to the Hewden sale and leaseback and working with Lex from
an early stage helped us deliver the whole project to meet the
August 1 deadline.” Lex managing director, Jon Walden said: “[Lex
and Speedy Hire] worked hard to deliver the sale-and-leaseback on
August 1 as part of the overall Hewden acquisition.”