Vehicle rental firm steps on gas

Airdrie-headquartered car and van hire business TOM Vehicle Rental has snapped up industry peer Transflex Vehicle Rental for an undisclosed sum, creating a major UK player.

The deal sees Transflex’s 3,500 cars and light commercial vehicles, four depots and 80 employees join the larger TOM business.

The combined operation ranks as the third-largest light commercial rental business by assets in the UK with a fleet of more than 16,000 vans, trucks, trailers and cars, across a depot network of 15 sites comprising six in Scotland, five in the north of England and four in the south of England.

Following the deal, both brands will continue to operate in the UK market, serving their “well-established and valued customer bases”, TOM said yesterday.

The Scots firm completed a management-led buyout at the tail end of last year supported by private equity firm Equistone Partners Europe.

Robert Stewart, chief executive of TOM Vehicle Rental, said: “The purchase of Transflex Vehicle Rental comes at the right time and is a strong fit with our strategy to increase our UK market share by adding to our existing network, increasing our fleet size and customer base.

“The acquisition enables TOM to continue improving customer service through greater UK coverage and a larger available fleet offering.”

Peter Abdale, managing director of Transflex, who joins TOM’S management team, along with his directors for sales, operations and finance, said: “Under TOM’S ownership, the Transflex brand will be able to offer its valued customers access to a Uk-wide branch network and an enlarged asset inventory.”