Lex Autolease, the fleet arm of Lloyds Bank, has signed a leasing deal with UK property developer Redrow Homes.

Redrow Homes has agreed to lease an initial 600 cars and commercial vehicles from the fleet lessor, as the company plans to hire 250 new employees this year to join the existing 1,200-strong workforce.

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The company, which earned record pre-tax profits of £104m for the six months ending December 2015, has agreed a three-year sole supply contract with Lex Autolease, which is expected to significantly grow as the business rapidly increases its headcount.

The new deal is set to significantly reduce fleet costs for the property developer by digitising previously manual processes, including invoicing and online ordering.

Matthew McDonnell, business development manager at Lex Autolease, said: "Our work with Redrow demonstrates that leasing can provide large businesses with the support needed for a significant increase in headcount over a short period, together with delivering savings that can be reinvested back into growth.

"Additionally, by providing the company with maintenance, Daily Rental and accident management solutions, we can ensure Redrow keep their vehicles on the road with the minimum of downtime. Together with Lloyds Banking Group, we’ll strive to support the business on its upward growth trajectory."