THE Glasgow-based vehicle funding and fleet management brokerage, Fleet Alliance, has acquired a controlling interest in the East Sussex-based broker Neva Consultants (Neva) for a seven figure sum.

The deal creates a new Fleet Alliance Group overseen by managing director, Martin Brown.

The two companies already share the same IT platform and back office functions, so integration should not be an issue.

“We have worked with Neva for the last ten years and share the same IT platform and back office systems. They are a thoroughly professional, well-run business with a culture very similar to our own.”

Current Neva directors Graham Prince and Nick Collinson, will continue in their existing roles. Neva will continue to trade as a separate brand but the enlarged group fleet size will now be in excess of 25,000 vehicles. This would place it at 14 in a national league table of leading contract hire and leasing companies.

Under the terms of the deal, Fleet Alliance will take a majority shareholding in Neva, but Graham Prince and Nick Collinson will continue to have a shareholding in the business, which they formed in 1992.

“This is a significant investment and acquisition for Fleet Alliance, but I would not rule out further purchases in the future,” said Martin Brown.

Neva director Graham Prince said: “We are delighted to be part of the new enlarged Fleet Alliance Group and look forward to working closely with our new colleagues, backed by the greater resources that they can offer.”

Fleet Alliance recently announced a fifth successive record year in terms of fleet size, revenue and profitability and has seen growth on three fronts – in its traditional direct business, its corporate sales division and its personal leasing operation, Intelligent Car Leasing.

During the last three years, Neva has experienced 40% growth and has added Neva Direct to its portfolio to focus on the growth in the personal leasing market.

Last year, fleet decision-makers voted Fleet Alliance the UK’s top vehicle leasing and fleet management company for service to customers in the 2016 Experteye awards – for the second year in a row.

Meanwhile, Neva had successes at the British Chamber of Commerce Awards and the High Potential Business Awards, and then scooped awards for Best Company and Best Customer Service at the Leasing Broker Federation Awards in December.

Martin Brown added: “This new acquisition does not in any way alter our commitment to providing our customers with the very highest levels of service. Indeed, it reinforces that commitment.

“Customer service is at the heart of everything we do and we try our utmost to ensure that all customers are provided with a gold standard customer service – one of the reasons, we believe, for our continued success. This same mantra will apply across the new enlarged Fleet Alliance Group,” he said.