Vehicle finance and credit broker to accelerate growth following investment
Harrogate-based Synergy Automotive has announced the sale of its majority interest to Newable Limited.
Synergy is an FCA authorised vehicle finance and credit broker. The business has grown organically and profitably since its foundation in 2006 by entrepreneur Paul Parkinson. It employs a growing team of nearly 50 people.
A spokesman for the business explained: “Whilst the overall market for new vehicle registrations remains depressed, the attraction of leasing as an alternative to outright purchase has grown significantly.
“This hassle-free convenient service for both business and personal customers paying to use the vehicles of their choice, without the worry of depreciation or resale value fits perfectly in the 21st century. Leasing can offer tax and cash flow advantages to businesses large and small and is increasingly more popular with SMEs.”
Parkinson, who is Synergy’s CEO, said: “I see so much opportunity in this sector – from helping customers transition to electric vehicles to supporting more SME business customers.
“We are delighted to be working with a Newable, a business that shares our ambitions for growth with the resources and support to help us deliver on these in a dynamic change driven marketplace.”
Chris Manson, Newable CEO, said: “Newable is looking to capitalise on market opportunities created by the changing nature of work and the shifting pattern of how users pay to access assets that help them run their businesses and personal lives. Synergy is an exciting addition to our offering within our lending portfolio.”
Parkinson will continue to lead Synergy as CEO, with Newable providing additional support across IT systems and automation, HR, finance and marketing.
A Squire Patton Boggs team, which included Louisa Hine, Joshua Lodge, Emma Perez and David Harford, advised the shareholders on the sale.
