Plimsoll’s top 22 trading partners in the UK
leasing sector, as determined by sales growth and five indicators
of financial strength: trading stability, profitability, working
capital, gearing, and immediate liquidity. Listed in alphabetical
order.

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Sales in last reporting year
(£m)

Sales growth y-o-y (%)

Staff

1

Armada Investments

Independent finance leasing
company

Individual shareholders

Exeter

30.7

39.3

51

2

BMW Leasing (GB)

Captive finance provider

BMW, by way of BMW Financial
Services

Hook, Hampshire

33.5

34.2

315

3

De Lage Landen Leasing

Vendor leasing specialist

Rabobank Group

Watford

35.6

68.2

88

4

ECF Asset Finance

Leasing and hire purchase
provider, former larger ticket broker

Steel manufacturer Mottram Group,
via ECF Group

Stockport

3.5

10.5

20

5

Econocom UK

Technology finance and lease
management

Econocom group, a European IT and
services company

Surrey

4.5

47.2

1

6

Exel Finance Ltd

Vehicle finance

Deutsche Post, via construction
company Exel group

Bedford

19.1

34

n/a

7

Fascap Group

Holding company for leasing
subsidiaries including general asset management

Individual shareholders

West Sussex

5.1

12.2

19

8

Grenke Leasing

Smaller ticket leasing business

Grenke Leasing AG

Guildford

19.1

72.9

16

9

Heliworld Leasing

Helicopter lessor

HSBC Corporate Trustee Company

Norfolk

8.7

13

n/a

10

Hill-Rom

Medical and funeral
equipment leasing

Hillenbrand Industries,
US medical and funeral provider

Ashby

25.6

36.4

196

11

ING Lease (UK)

General leasing and finance

ING Group

Surrey

171.6

10.9

333

12

Jones Bros Ruthin (Assets)

Plant hire and civil
engineering

Individual shareholder

Ruthin

38.3

26.9

244

13

KBC Lease (UK)

HP and leasing

KBC Group

Surrey

34.9

16.7

20

14

Kingsway Finance and Leasing

Equipment leasing

Kingsway Asset Finance, Kingsway
Financial Group Holdings

Wilmslow

3.4

23.6

n/a

15

Kingsway Financial Group
Holdings

Equipment leasing, focused on
SMEs

Undisclosed, plus
individual shareholders

Wilmslow

7.5

28.4

9

16

Lombard Discount

Subsidiary of Lombard North
Central

RBS, by way of Lombard North

Surrey

0.93

11.6

n/a

17

Motiva Vehicle Contracts

Contract hire and rental

Motiva group

Stoke-on-Trent

37.7

10.6

18

18

Porsche Financial Services (GB)

Captive finance provider

Porsche Group, by way of Porsche
Financial services

Reading

40.1

11.1

8

19

RH Group

Truck and trailer leasing, plus
haulage and other services

Rennies Freight Services, haulage
firm

Nottingham

129

5.5

658

20

Shetland Leasing and Property
Developments

Acquisition and development of
assets including property

Shetland Charitable Trust

Shetland

2.5

133.7

n/a

21

Tokyo Leasing UK

Equipment leasing

Recently acquired by Close
Leasing

Pinner

3

47.6

9

22

Tuskerdirect

Vehicle finance and fleet
management

Smedvig Capital, London-based
private equity firm

Watford

21.2

47.6

31

Source: Plimsoll

 

The Plimsoll model

Plimsoll’s rating system was
developed by management accountant John Robertson, and takes into
account both the commercial strength (based on sales growth) and
financial strength of a company.

‘Financial strength’ is an index
derived from an aggregate of five factors: Trading stability,
Profitability, Working capital, Gearing, and Immediate
liquidity.

These are worked out as detailed
right.

• Trading stability = Sales − Total
assets Sales

• Profitability = Profit before tax
× 100 Total assets

• Working capital = Total current
assets − Total debt Total current liabilities

• Gearing = Shareholder funds −
Total loan capital − Short-term borrowing + Cash Total debt

• Immediate liquidity = Total
current assets − Stocks − Short-term borrowing Creditors