Newable is expanding its lending portfolio by acquiring a major stake in Harrogate-based vehicle finance firm, Synergy Automotive.
Founded in 2006, Synergy is an FCA authorised vehicle finance and credit broker with a team of almost fifty people.
Although the overall market for new vehicle registrations remains depressed, the attraction of leasing as an alternative to outright purchase has grown significantly.
The UK is the third largest vehicle and asset leasing market in the world, with figures from the British Vehicle Rental & Leasing Association showing the number of vehicles on lease contract grew 12% year-on-year.
“Synergy is an exciting addition to our offering within our lending portfolio,” said Chris Manson, CEO of London-based Newable.
“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.”
Paul Parkinson, Synergy CEO, added: “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 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.”
Mr Parkinson will continue to lead Synergy as CEO, with Newable providing additional support across IT systems and automation, HR, finance and marketing.