Strong growth as Northridge Finance lending reaches £1.3 billion in 2019
Northridge Finance (Northridge), one of the UK’s most dynamic and partner driven asset finance houses, today announced another year of strong lending growth.
2019 Highlights
- Northridge achieved gross new asset finance lending of £1.3bn, an increase of 26% on 2018. Net lending volumes increased by £0.4 billion
- First original equipment manufacturer (OEM) scheme with SsangYong Motors UK.
- Marshall Leasing funded fleet grew by 9% to 8,851 vehicles (2018: 8138).
Northridge is a subsidiary of Bank of Ireland UK plc.
Bank of Ireland UK plc today reported underlying profit before taxation of £166 million, for the twelve months ended 31 December 2019.
In 2019, Northridge signed an exclusive agreement with SsangYong Motors UK (SsangYong) to provide motor finance products to customers across SsangYong’s dealer network in the UK.
Northridge also won the Best Independent Lender (bank owned) at the Car Finance Awards in June 2019.
Through new and long-term relationships, Northridge has been able to fund a broader range of deals, helping businesses and individuals access finance, while strengthening its position as the consistent alternative to the market leaders in motor finance.
James McGee, Managing Director, Northridge Finance said: “2019 was a fantastic year for the business. Yet again, we have seen excellent growth in a challenging market. Last year, we exceeded the £1billion lending milestone, a first for Northridge, so we are pleased with this continued upward trajectory.
Looking forward to 2020, the business will continue to work closely with our partners to ensure we drive the best customer outcomes at Motor point of Sale.
Peter Cakebread, Managing Director, Marshall Leasing said: “Marshall Leasing has had an excellent year. We have reached almost 9000 funded fleet vehicle milestone and our entry into the intermediary market is generating strong orders.
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.”
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 is a wholly owned subsidiary of Northridge Finance.
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.2.5 million customers, Bank of Ireland UK plc 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 3 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/about-us/
https://www.marshall-leasing.co.uk/about/
/about/