Leasing industry consultancy firm Challenge Consulting has been recognised by the UK Management Consultancies Association (MCA) for its recent work with Hitachi Capital UK.

Challenge won the Change Management in the Private Sector award at the MCA Awards in April, after it helped Hitachi Capital, the finance arm of the global industrial group, redesign its organisation structure and operating model – a change which the firm said contributed to its growth in profit.

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Hitachi Capital UK nearly doubled its profit to £50m (€59m) in 2012, with return on equity reaching 31%, and now represents 30% of Hitachi Capital’s global profits. Challenge worked with Hitachi Capital from late 2010 to the end of 2012.

Robert Gordon, chief operating officer of Hitachi Capital UK, said: "Challenge helped me transform the business from a collection of introspective separate operations to a team focused on external markets, enjoying the success of doubling profits within a year to £50m"

"Challenge Consulting did this with us, not to us. They’ve left us with the legacy of how to continue to improve by ourselves. It provides a continuous challenge to our daily existence. It gives us the desire and courage to keep improving."

Paul Cook, consulting director with Challenge, said: ""It’s hugely rewarding to work with a management team who want help transforming their business. It’s not every day we get to have long term relationships with clients where we help design, mobilise and implement significant change.

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"It demonstrates that our approach, working shoulder to shoulder with the client’s management team, is successful in helping clients transform. It proves there are genuine alternatives to hiring the ‘big 4’ consulting firms. It also proves that as consultants we can help clients to deliver tangible results.

Cook added the award also recognises leasing has the potential to be a dynamic industry. He said: "This shows that it is possible for leasing firms, in what is often perceived to be a mature market, to transform the way they operate to yield significant financial results.

"The management team need to have bold aspirations and the will to see them through. Leasing firms can transform but there has to be a will."