Leaseway is one of the UK’s leading LCV rental businesses, with a fleet of over 18,700 vehicles as at 31st March 2008. Leaseway provides LCVs (approximately 80% of its fleet) and cars (approximately 20% of its fleet) to a growing customer base on a short to medium term rental basis. Customers have flexibility in that they have no obligation to keep the vehicle for a specific period, unlike contract hire where the lease term is generally specified at the outset.

The base weekly rental price charge by Leaseway covers the rent of the vehicle as well as collection and delivery, road tax, 24 hour breakdown cover, replacement vehicle cover and all servicing and maintenance. Vehicle insurance remains the responsibility of the customer. For an additional cost, vehicles are prepared to customers’ specifications including customer livery, tow-bar, ladder racks and shelving as well as less common equipment required by certain customers to comply with the Health and Safety at Work Act 1974 such as wash basins, microwave ovens and toilet facilities. These additional services are provided to enhance Leaseway’s customer service and retention.

Leaseway provides its service to customers on a nationwide basis through six large depots in Glasgow, Newcastle, Manchester, Leeds, Birmingham and London. Leaseway seeks to operate from depots with the capacity to operate rental fleets of approximately 5,000 vehicles. Four of Leaseway’s six existing sites, have the capacity to operate at this level with the depots at Birmingham and London currently occupying sites with capacity to operate approximately 2,500 vehicles.

Since Leaseway commenced trading in January 2003, the business has grown rapidly and established a growing customer base, with over 1,000 customers as at 31st March 2008. Customers of the Company include Balfour Beattyand Alfred McAlpine. The business also has a large number of smaller, local customers.

In the four year period ended 31st March 2008, Leaseway has increased its revenue from £15.4 million to £61.2 million.