Nexus Vehicle Rental announces sale of accessible vehicle hire company
A Leeds-based business mobility provider has announced the sale of its accessible vehicle hire company.
Nexus Vehicle Rental, which is headquartered in Pudsey, has sold Adapted Vehicle Hire (AVH) to manufacturing, distribution and hire group Newship.
AVH specialises in rental vehicles for disabled motorists, servicing both domestic and business users.
The deal forms part of a strategy by Nexus Vehicle Rental to focus on its core tech-driven vehicle solutions, and comes six months after the firm reported a double digit increase in profitability and revenue for the fifth year in a row.
Last year the business secured £142m in private equity investment from Phoenix Equity Partners to fuel further expansion and development of its proprietary vehicle rental and management technology, IRIS.
Commenting on the sale, David Brennan, CEO of Nexus Vehicle Rental said: “As part of our continued growth strategy we are now focusing solely on technology solutions for vehicle rental and management, which is where we have demonstrated significant market strength and leadership.
“AVH is a fantastic, asset owning business but one that no longer fits with our strategic direction and has a much more complementary fit within the Newship group. As such I am confident it will flourish under its new ownership.”
Richard Newman, group CEO of Newship added: “We are delighted with this addition to our specialist vehicle and event hire portfolio and look forward to working with the AVH team.”
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