CashNews.co
CLM Fleet Management has been bought by Santander Consumer Finance as it targets growth in the leasing sector.
The bank, which was ranked eight in last year’s FN50, with a risk fleet of 55,738 cars and vans, wants to become a major provider of company cars in the UK and Europe.
Adam Harley, Santander Consumer UK’s sales director, said: “Acquiring CLM Fleet Management allows us to significantly accelerate our growth strategy in the UK leasing market.
“By integrating CLM Fleet Management’s expertise and resources with our own, we are positioned to offer an expanded range of leasing solutions, catering to a broad customer base and enhancing our service capabilities.”
CLM has more than 40 years’ experience in managing fleets of cars and commercial vehicles for corporate customers.
It was the subject of a management buy out (MBO) for an undisclosed sum from the Maxxia Group in July 2022.
Part of the Australian McMillan Shakespeare Group, Maxxia had bought the firm in 2013, as it sought to strengthen its UK operations.
John Lawrence, CLM Fleet Management’s chief executive officer, said: “The CLM team are excited to be playing a key role in supporting Santander Consumer Finance’s growth within the UK leasing sector through our comprehensive range of fleet management services.
“At the same time, we will continue to work closely with our supplier partners to ensure the highest levels of service are maintained for our existing customers.”
Santander Consumer Finance is a leading consumer finance bank, with a presence in 16 European countries, Canada and China.