Lloyds Banking Group acquires Tusker for £300m

LEX Autolease owner Lloyds Banking Group has paid around £300 million to acquire salary sacrifice specialist Tusker.

Lloyds Banking Group says Tusker’s focus on the provision of ultra low emission and zero emission vehicles will assist the Group in attaining its net zero emissions targets by 2050 – or even sooner.

Tusker will continue trading as a separate entity.

Nick Williams (left), managing director Transport, Lloyds Banking Group, said: 

“As part of our 2022 strategy, we outlined our ambitions to grow our participation in vehicle leasing and the acquisition of Tusker is a key part of delivering on this with a net-zero focus, at a time when the transition to sustainable methods of transport is a high priority for both our business clients and retail customers.

“Alongside our Lex Autolease business, this acquisition allows Lloyds Banking Group to offer our products and services across a wider section of businesses and enterprises, enabling them to provide competitive benefits packages while helping them transition to net-zero.”

Tusker has led the way in the provision of salary sacrifice cars having launched the UK’s first car benefit scheme in 2008.

According to Lloyds Banking Group, Tusker has a fleet of over 23,000 vehicles across a 1300 customer base ranging from SMEs to large corporates. More than 60% of its fleet consists of electric vehicles. 

Paul Gilsham, Tusker’s CEO, said both companies were aligned on the commitment to net zero, and the acquisition would enable it to grow its electric fleet faster.

 “Lloyds Banking Group is the obvious choice to take Tusker to the next phase of our growth and I am delighted that we are joining the Lloyds family. Not only do we have aligned strategic goals on our commitment to net zero and excellent service, but with their strong financial support we can grow our electric fleet faster by offering exceptional value to our customers, drivers and partners.

“And while remaining as a stand-alone salary sacrifice business we can continue to do what the Tusker team do best and offer more companies and employees across the UK access to affordable electric vehicles.”

Currently over 1 million cars and vans on UK roads are leased or financed through Lex Autolease and Black Horse, including 1 in 10 new electric cars.

The company said that the acquisition of Tusker would support the Group’s ambition to help Britain build a more sustainable society.