THE Harrogate leasing broker Synergy Car Leasing has been sold to Newable, an investment company, for an undisclosed sum.
Newable has taken a majority interest in the brokerage, which will continue to be run by Synergy CEO Paul Parkinson, and employs some 50 people. Newable will also provide additional support across IT systems and automation, HR, finance and marketing.
Founded in 2006, Synergy has grown to become a significant player in the UK’s expanding leasing market, the third largest vehicle and asset leasing market in the world.
Latest BVRLA data shows the number of vehicles on lease contract grew by 12% year-on-year, with business contracts for vans growing even faster at 16%.
Commenting on the sale, Parkinson said:
“I see so much opportunity in this sector – from helping customers transition to electric vehicles to supporting more SME business customers. We are delighted to be working with a Newable, a business that shares our ambitions for growth with the resources and support to help us deliver on these in a dynamic change driven marketplace.”
Parkinson added that he saw further growth from the business sector following the significant reduction in BIK on electric and plug-in hybrid vehicles from April.
Chris Manson, Newable CEO, added:
“Newable is looking to capitalise on market opportunities created by the changing nature of work and the shifting pattern of how users pay to access assets that help them run their businesses and personal lives. Synergy is an exciting addition to our offering within our lending portfolio.”
This is the second significant investment Newable has made in the Yorkshire area within the last three months following Newable Capital’s majority investment in Leeds-based ARC Building Solutions in December 2019.
Paul Parkinson is a member of the BVRLA Leasing Broker Committee.