Vehicle rental firm sells off its accessible vehicle hire subsidiary

 

Pudsey-based Nexus Vehicle Rental, a business mobility provider, has announced the sale of its accessible vehicle hire company – Adapted Vehicle Hire (AVH) to the Newship Group.

The sale, made for an undisclosed amount, is part of a move by Nexus to focus on the growth of its core, tech driven vehicle solutions business which has delivered significant growth year on year.

In February, Nexus reported a double digit increase in profitability and revenue for the fifth year running and last year it secured £142m worth of private equity investment from Phoenix Equity Partners. The cash was to fuel further expansion and development of the firm’s proprietary vehicle rental and management technology, IRIS.

AVH is the one of the UK’s largest providers of specialist rental vehicles for disabled motorists, servicing domestic and business users. Providing a wide range of wheelchair accessible and adapted cars for hire, it caters for all types of disability, with vehicles modified at its own specialist facility. It was formed in 2005 and first acquired by Nexus in 2010.

Commenting on the sale, Nexus CEO David Brennan 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 ownership.”

Richard Newman, Group CEO of Newship, said: “We are delighted with this addition to our specialist vehicle and event hire portfolio and look forward to working with the AVH team.”

Over the last 12 months Nexus has achieved record results, signed high-profile clients and picked up awards for its consistent growth and commitment to technology.

The company won a Lloyd’s National Business Award in November in the Elite London Stock Exchange Group Scale-Up category. And Brennan won the EY Entrepreneur of the Year North Award in the ‘Disruptor’ category last month.

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