Bank of Ireland UK has acquired Marshall Leasing from Marshall Motor Holdings plc for a consideration of £42.5 million.

On completion of the deal Marshall Leasing will become part of Northridge Finance, BOIUK’s car and asset finance business.

Established in 1979 and based in Cambridgeshire, Marshall Leasing provides a range of contract hire fleet services including fleet management, risk management, contract purchase and daily rental. It is focused on the SME sector and has a fleet of in excess of 6,000 vehicles.

Northridge Finance is BOIUK’s car and asset finance business operating across the UK market. It provides personal and commercial asset finance serving the motor dealer, finance broker, and corporate markets.

Des Crowley (pictured), chief executive of Bank of Ireland UK, commented: “We are driven by achieving growth through a strong partnership approach.  This acquisition will help Northridge Finance to continue to develop and diversify its business.”

James McGee, managing director of Northridge Finance, added: “Marshall Leasing has an excellent reputation in the vehicle hire market, has a strong order book, and is well positioned to achieve further growth.”

Bank of Ireland UK comprises:

• Financial services partnership and foreign exchange joint venture (FRES) with the Post Office, together with c.2,500 free-to-use  BOI/Post Office ATMs, one of the largest ATM fleets in the UK.
• Partnership with the AA, which brings a product portfolio of credit cards, personal loans, savings and mortgages to nearly 4 million AA members.
• UK mortgage business.
• Northridge Finance.
• A full service retail and commercial bank in Northern Ireland.