Inchcape Financial Services, a joint venture between Lloyds
Banking Group and Inchcape Motors International, has ceased to
write new business, Leasing Life can reveal.
In its annual report and accounts, filed at Companies House, the
company, which provides hire purchase, leasing and point-of-sale
motor finance for customers of Inchcape’s chain of car dealerships,
said: “A change in the company’s activities is planned, with the
intention that no new business is to be written in future.”
Inchcape FS, which is 51 percent owned by Lloyds Banking Group and
49 percent by Inchcape Motors International, was first set up in
the late 90s as a joint venture between NWS Bank (later Capital
Bank, then HBoS Group PLC) and Inchcape.
With a portfolio exceeding £100 million (€110 million), Inchcape
FS’s results for the year ending December 31 2008 reflected the
general negative trend in the motor finance market.
Although turnover grew by nearly 20 percent year-on-year to £4.4
million, the joint venture recorded a pre-tax loss of £179,000,
compared with the previous year’s profit of £238,000.
Despite the Inchcape Financial Services joint venture ceasing to
write new business, Inchcape and its dealerships continue to
write business both with Lloyds and with other financial partners,
however.
A full report on Inchcape Financial Services will appear in the
next issue of LL’s sister title Motor Finance
(December issue).
Jason T Hesse
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