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Marshall Motor Holdings plc has sold its leasing firm, Marshall Leasing Limited to N.I.I.B Group Limited (which trades as ‘Northridge Finance’), a wholly owned subsidiary of Bank of Ireland (UK) plc (“Bank of Ireland”) for £42.5m.

Marshall says the deal will allow them to focus on its core motor retail business and enable growth through acquisitions with existing brand partners.

The Marshall Leasing business posted total revenue of £39.3m, an underlying profit before tax of £4.9m and profit after tax of £3.7m in its most recent year. In the six months ended 30 June 2017, MLL generated an underlying profit before tax of £2.4m (H1 16: £2.7m). However, with eight of the top ten UK motor leasing businesses are owned by financial institutions or vehicle manufacturers, Marshall felt the time was right to sell to Bank of Ireland.

Daksh Gupta, Chief Executive Officer commented: “The strategic disposal of our leasing business is an important step for MMH. It further strengthens our financial position and allows us to remain focused on driving our core retail operations. In a changing and consolidating retail landscape, we see various exciting opportunities ahead which, with the support of our brand partners, we are now even better positioned to exploit. “MLL has been an important part of our Group for many years. On behalf of the Board I would like to thank all my leasing colleagues for their significant support and contribution over this period and wish them well for the exciting times ahead under new ownership.”

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