14 March 2019
Northridge Finance (Northridge), one of the UK’s most dynamic and partner driven asset finance houses today announced a year of record growth.
2018 Highlights
- Northridge Finance achieved gross new asset finance lending of £1.1bn, an increase of 31%
- Intermediary relationships increased by 10%
- Launched digital settlements and enhanced digital pay-out flow to partner retailers
- Marshall Leasing funded fleet grew by 16% to 8,000 vehicles (2017: 6,720).
Northridge is a subsidiary of Bank of Ireland UK which today reported profit before taxation of £173 million, up from £151million in 2017, for the twelve months ended 31 December 2018. Northridge acquired Marshall Leasing in November 2017.
Through new and long-term relationships, Northridge has been able to fund a broader range of deals, helping businesses and individuals to access finance, while strengthening its position as the consistent alternative to the market leaders in motor finance.
James McGee, Managing Director, Northridge Finance said, “2018 was a fantastic year for Northridge. We have seen superb growth in a challenging market environment and we are delighted to exceed £1 billion in lending and 8,000 vehicles in our funded fleet with Marshall Leasing. Both are firsts for our business.
“We are continuing to see strong used car values across the market and while there is a growing appetite for finance on electric cars, we have seen no significant downturn in the demand for used diesel vehicles.
“This is our first full financial year with Marshall Leasing. Both businesses are customer-centric, and the cultural fit has been one of the real strengths of the acquisition. We are able to offer products through Northridge and Marshall Leasing channels, affinity schemes and via partnerships with intermediary networks. We have seen an increase in business of 31%, strengthened our long term relationships and have grown our network of retailers.
“In 2018, we have extended our platform eSign capability to various partner groups leading to enhanced digital pay-out flow, providing a faster and more convenient service for those partners and customers. In 2019, this rollout will continue and we will increase automation on our credit score system, building on the success of our Go365 app which helps motor dealers keep track of cases while on the forecourt.
“Our focus will be continuing to improve service and investing in new technology so we can serve our customers brilliantly.”
Peter Cakebread, Managing Director, Marshall Leasing said: “Marshall Leasing has had a great first year as part of the Bank of Ireland UK and Northridge family. We have exceeded the 8,000 funded fleet vehicle milestone and our entry into the intermediary market is generating strong orders. We have continued the rapid expansion of our Minibus offering, taking the fleet to 139 vehicles, an increase of 283%.
“Our shared outlook and goals are driving the businesses forward together and this is benefitting our customers through more products, better technology and a broader team of experienced professionals to deliver great service. We plan to go from strength to strength.”
/Ends
Notes to editors:
Northridge and Marshall Leasing are focused on providing motor and asset finance, vehicle leasing and fleet management to partners and customers. Northridge offers Hire Purchase and Personal Contract Purchase products to its retailer partners, while Marshall Leasing provides contract hire to businesses and more recently, Personal Contract Hire.
About Northridge Finance
Northridge Finance is the trading name of NIIB which was formed in Northern Ireland in 1956, and was acquired by Bank of Ireland in 1984. An asset finance business, it has been trading in Great Britain since 1999 and specialises in intermediary introduced and direct finance to personal and commercial Motor, Commercial and Agricultural customers.
The business ensures competitive advantage through high quality relationships with a personalised service, working with the intermediary as a partner, through high speed of delivery and customer propositions to meet ever changing market needs through efficient IT systems.
Northridge offers a comprehensive range of lending products and services for the retailer / intermediary and direct markets to best meet individual customer requirements.
Northridge Finance, now part of Bank of Ireland UK, specialises in intermediary introduced and direct asset finance to personal and commercial Motor, Commercial and Agricultural customers in NI and GB.
About Marshall Leasing
Marshall Leasing is an integrated vehicle leasing business with a funded fleet of over 8000 commercial and non-commercial vehicles. These are leased to a host of blue-chip UK based companies.
Heritage and experience in fleet management and finance lies at the heart of the customer focused operation. Currently positioned 26th largest fleet leasing company in the UK (2018 FN50) the team have received significant industry recognition over recent years culminating in winning the prestigious Fleet News Leasing Company of the year 2018 for up to 20,000 vehicles.
Based in Cambridge, Marshall Leasing began life as an independent contract hire and fleet management company within the family managed and privately owned Marshall of Cambridge group. Following the motor groups floatation on the stock market AIM in 2015 the company became the subsidiary of Marshall Motor Holdings plc. Two years later the NIIB Group Limited which trades as Northridge Finance, a wholly owned subsidiary of Bank of Ireland (UK) plc acquired Marshall Leasing.
Marshall Leasing’s goal is to be flexible in today’s rapidly changing fleet environment, provide expertise and great advice on fleet policy whilst delivering a dynamic and proactive approach to customer service.
About Bank of Ireland UK
Bank of Ireland has supported customers in the UK for over 40 years, and employs c.1,800 employees.
Bank of Ireland operates primarily in the UK through its wholly owned and separately incorporated subsidiary, Bank of Ireland (UK) plc, which is authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Separately capitalised and self – funded business within the Bank of Ireland Group
Supporting c.2.9 million customers, Bank of Ireland UK comprises:
- An established financial services partnership and foreign exchange joint venture (FRES) with the Post Office.
- A long term partnership with the AA, which brings competitive financial services products to nearly 4 million AA members
- A successful UK Mortgage business
- A growing UK car, asset finance and leasing business, under the Northridge Finance and Marshall Leasing brands
- A full service retail and commercial bank in Northern Ireland
For more information visit:
https://www.northridgefinance.com
https://www.marshall-leasing.co.uk
https://www.bankofirelanduk.com