NEWCASTLE-based leasing and finance broker, Eurodrive Vehicle Contracts, has just completed a management buyout (MBO).
Primarily involved in providing finance to motor dealers for stocking and personal car finance under the Eurodrive Motor Finance brand, the company is also a registered BVRLA leasing broker and a provider of asset finance.
The MBO brings to a close the acquisition in 2016 by Australian company McMillan Shakespeare, also owner of Maxxia and CLM Fleet Management.
Stephen Dixon, CEO and company founder, said:
This change of ownership will allow us to adapt more quickly to the ever-changing landscape of the motor finance sector. While being part of McMillan Shakespeare has had many advantages, the last 12 months has proven to be an extremely difficult trading period. Controlling our own destiny and having the flexibility to adapt and diversify will be key to emerging from this period successfully.
Kirstie Tyson is appointed managing director following the MBO, while also appointed to the board are Andrea Dunn (finance director) and Steve Carroll (commercial director).
Ralph Morton is the leading journalist in the leasing broker sector and editor of Broker News, the website which provides information and news for BVRLA-registered leasing brokers. He also writes extensively on the fleet and leasing market in both the UK and Europe.