Zenith quashes sale rumours but says “corporate finance options” are on the table

LEASING company Zenith has had to quash rumours of an impending £700m sale.

The company said it was looking at a “number of corporate finance options” which could include refinancing and that it was working with advisors including Evercore.

Chief executive officer Tim Buchan said: “This should not be interpreted to mean a transaction is imminent. As a private equity owned asset, it is generally considered good practice to make these adviser appointments early in a business’s ownership cycle to maximise the benefits of their expertise, significantly in advance of any event.”

Operating 64,000 vehicles, Zenith said its strong performance had been aided by organisc growth

Founded in 1989, Zenith was snapped up by HgCapital from its previous owners Morgan Stanley Global Private Equity in a deal that valued the company at more than £200m last year.

Zenith Leasedrive was formed with the merger of two smaller companies in 2014.

It has three bases in Leeds, Solihull and Crownthorne.

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