Lex Autolease

Last updated

Lex Autolease Limited
Type Subsidiary
Industry Consumer Finance
Founded1959 (1959) as Lex and Autolease
2009 (2009) as Lex Autolease
Headquarters,
Key people
Richard Jones
(Managing Director)
Products Vehicle Leasing
Parent Lloyds Banking Group
Website www.lexautolease.co.uk

Lex Autolease was created in May 2009 from the merger of HBOS-owned Lex Vehicle Leasing with Lloyds TSB Autolease, and is the currently the largest vehicle leasing business in the UK, with a fleet of about 385,000 vehicles. [1] [2] One in every thirty new cars sold in the UK is through Lex Autolease. [3]

Contents

History

The company can trace its origins back to 1959, when both Lex and Autolease were established. Lex was established in the 1920s and in 1959 it acquired British Colonial Motors, which allowed it to enter the contract hire business. In 1969, it acquired Controlled Cost Motoring, established Lombard Contract Hire in 1983 and acquired Fleetdrive in 1988. Autolease was established in 1959 by Britax, which also owned Bristol Street Motors. [4]

Through mergers, a company called Lex Vehicle Leasing emerged. By 2005, it was owned by Aviva as part of their RAC plc company. [5] [6] From 2006 to 2009, it was owned by HBOS. [7]

Following the acquisition of HBOS by Lloyds TSB Group, which had owned Autolease since 2000, the new Lloyds Banking Group merged the two operations into the new Lex Autolease. [8] [9] At the time of the merger Lex was carrying a debt of £2.4 billion. [10]

In the first decade of the 21st century, Lex lost a number of large contracts such as HSBC Vehicle Finance, Ford Business Partner and Volvo. [11] [12] [13] In 2014, Lex opened a new multi-million pound car supermarket and vehicle processing centre in Coventry, which created 30 jobs. [14] [15] However, within two years the centre had closed. [16]

See also

Related Research Articles

<span class="mw-page-title-main">FTSE 100 Index</span> Share index of the London Stock Exchange

The Financial Times Stock Exchange 100 Index, also called the FTSE 100 Index, FTSE 100, FTSE, or, informally, the "Footsie", is a share index of the 100 companies listed on the London Stock Exchange with the highest market capitalisation. The index is maintained by the FTSE Group, a subsidiary of the London Stock Exchange Group.

The Abbey National Building Society was formed in 1944 by the merger of the Abbey Road and the National building societies.

<span class="mw-page-title-main">Lloyds Bank</span> British retail and commercial bank

Lloyds Bank plc is a British retail and commercial bank with branches across England and Wales. It has traditionally been considered one of the "Big Four" clearing banks. Lloyds Bank is the largest retail bank in Britain, and has an extensive network of branches and ATMs in England and Wales and offers 24-hour telephone and online banking services.

<span class="mw-page-title-main">Trustee Savings Bank</span> British financial institution

The Trustee Savings Bank (TSB) was a British financial institution. Trustee savings banks originated to accept savings deposits from those with moderate means. Their shares were not traded on the stock market but, unlike mutually held building societies, depositors had no voting rights; nor did they have the power to direct the financial and managerial goals of the organisation. Directors were appointed as trustees on a voluntary basis. The first trustee savings bank was established by Rev. Henry Duncan of Ruthwell in Dumfriesshire for his poorest parishioners in 1810, with its sole purpose being to serve the local people in the community. Between 1970 and 1985, the various trustee savings banks in the United Kingdom were amalgamated into a single institution named TSB Group plc, which was floated on the London Stock Exchange. In 1995, the TSB merged with Lloyds Bank to form Lloyds TSB, at that point the largest bank in the UK by market share and the second-largest by market capitalisation.

Porterbrook is a British rolling stock company (ROSCO), created as part of the privatisation of British Rail. Together with Angel Trains and Eversholt Rail Group, it is one of the three original ROSCOs.

<span class="mw-page-title-main">ComfortDelGro</span> Multi-national land transport company

ComfortDelGro Corporation is a multi-national land transport company listed on the Singapore Exchange, operating about 35,000 vehicles in seven countries. It was formed on 29 March 2003 through a merger of Singapore-based land transport companies Comfort Group and DelGro Corporation.

<span class="mw-page-title-main">Eversholt Rail Group</span>

Eversholt Rail Group is a British rolling stock company (ROSCO). Together with Angel Trains and Porterbrook, it is one of the three original ROSCOs created as a result of the privatisation of British Rail.

The Big Four is the colloquial name given to the four main banks in several countries where the banking industry is dominated by just four institutions and where the phrase has thus gained relevance. Some countries include more or fewer institutions in such rankings, leading to other names such as Big Three, Big Five, or Big Six.

Sir Maurice Victor Blank is an English businessman and philanthropist. He is the former Chairman of Lloyds TSB and the current chairman of several educational and charitable organisations including the Social Mobility Foundation, UJS Hillel and Wellbeing of Women.

<span class="mw-page-title-main">HBOS</span> United Kingdom banking and insurance company

HBOS plc was a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group, having been taken over in January 2009. It was the holding company for Bank of Scotland plc, which operated the Bank of Scotland and Halifax brands in the UK, as well as HBOS Australia and HBOS Insurance & Investment Group Limited, the group's insurance division.

<span class="mw-page-title-main">Lloyds Banking Group</span> British financial institution

Lloyds Banking Group is a British financial institution formed through the acquisition of HBOS by Lloyds TSB in 2009. It is one of the UK's largest financial services organisations, with 30 million customers and 65,000 employees. Lloyds Bank was founded in 1765 but the wider Group's heritage extends over 320 years, dating back to the founding of the Bank of Scotland by the Parliament of Scotland in 1695.

Macquarie European Rail is a rolling stock company (ROSCO). It is presently owned by the French railway leasing entity Akiem.

<span class="mw-page-title-main">Aviva Canada</span> Canadian insurance group

Aviva Canada Inc. is a Canadian property and casualty insurance company and a wholly owned subsidiary of the UK-based Aviva plc. It provides home, personal, automobile, recreational vehicle, group and business insurance to more than three million customers.

<span class="mw-page-title-main">Cheltenham & Gloucester</span>

Cheltenham & Gloucester plc (C&G) was a mortgage and savings provider in the United Kingdom, a subsidiary of Lloyds Banking Group. C&G specialised in mortgages and savings products. Previously, C&G was a building society, the Cheltenham and Gloucester Building Society. Its headquarters were in Barnwood, Gloucester, Gloucestershire, England. C&G was closed to new mortgage and savings business on 9 September 2013.

Auto Windscreens is a United Kingdom automotive glazing company specialising in windscreen repair and replacement. It is owned by Auto Windscreens Services Limited, and is headquartered in Chesterfield, Derbyshire. Working predominantly with insurers, brokers and fleet management customers, the company operates a nationwide fitting centre network that utilises a mobile fleet of trained technicians.

<span class="mw-page-title-main">TSB Bank (United Kingdom)</span> British retail bank

TSB Bank plc is a retail and commercial bank in the United Kingdom and a subsidiary of Sabadell Group.

Lloyds Bank International is a wholly owned subsidiary of Lloyds Bank Corporate Markets in the United Kingdom, which is in turn part of Lloyds Banking Group, one of the largest banking groups in Europe.

<span class="mw-page-title-main">Beacon Rail</span>

Beacon Rail is a rolling stock company (ROSCO) based in the United Kingdom. Its primary business is the leasing of locomotives and rolling stock to various train operating companies (TOCs).

Black Horse Limited is a motor finance company based in the United Kingdom. It was formed in July 2001, as a wholly owned subsidiary of Lloyds Banking Group, but its origins can be traced back to 1922.

References

  1. "Lex Autolease appoints new MD Tim Porter". fleetnews.co.uk. 17 May 2013. Retrieved 9 April 2014.
  2. "Autolease Lex merger to be complete in two years". businesscar.co.uk. 16 July 2022. Retrieved 8 April 2009.
  3. "Lex Autolease". Lloyds Banking Group. April 2014. Retrieved 9 April 2014.
  4. "History; The 1950s". Lex Auotlease. 9 April 2014. Archived from the original on 9 April 2014. Retrieved 9 April 2014.
  5. "Lex Service becomes RAC plc". Aviva. 30 August 2002. Retrieved 9 April 2014.
  6. "Aviva subsidiary Lex Vehicle Leasing to manage HSBC fleet". aviva.com. 18 September 2005. Retrieved 27 December 2020.
  7. "New owner gives Lex a rebrand". fleetnews.co.uk. 27 July 2006. Retrieved 14 October 2021.
  8. "Lex/Autolease merger confirmed". Fleet News. 28 May 2009. Retrieved 9 April 2014.
  9. "Lloyds TSB rebranding". fleetnews.co.uk. 7 December 2000. Retrieved 27 December 2020.
  10. "Lloyds looks to offload Lex car leasing firm". The Telegraph. 30 January 2009. Retrieved 9 April 2014.
  11. "HSBC withdraws from vehicle finance business". fleetnews.co.uk. 22 January 2010. Retrieved 27 December 2020.
  12. "Lex swallows HSBC". fleetnews.co.uk. 27 September 2005. Retrieved 27 December 2020.
  13. "In the spotlight: Lex Autolease". fleetnews.co.uk. 1 April 2011. Retrieved 27 December 2020.
  14. "Lex Autolease Opens Ten-Acre Coventry Site". insidermedia.com. 17 June 2014. Retrieved 27 December 2020.
  15. "Jobs boost as car leasing firm opens new facility in city". coventrytelegraph.net. 17 June 2014. Retrieved 27 December 2020.
  16. "100 jobs at risk as Lloyds pulls the plug on car sales business". thebusinessdesk.com. 4 April 2016. Retrieved 27 December 2020.