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Newable completes acquisition of Synergy Automotive

Newable will now steer the company through its next phase of growth, focusing on continuing to help UK SMEs to implement salary sacrifice schemes, growing its emerging small to medium size fleet management business and continuing to be a customer champion in the leasing space. Paul Parkinson who founded the business in 2006 will be continuing as Executive Chairman.
Phil Reynolds, Managing Director Newable Lending, with the Synergy Car Leasing Leadership Team
Phil Reynolds, Managing Director Newable Lending, with the Synergy Car Leasing Leadership Team

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October 5, 2023

NEWABLE, provider of money and advice to SMEs, has announced the full acquisition of Harrogate-based Synergy Automotive Ltd, which trades as Synergy Car Leasing.

ThinCats, a highly successful alternative finance provider to mid-sized SMEs, provided a significant funding package to enable Newable’s purchase of all outstanding equity in the business, following an initial majority stake which was acquired in 2020.

Established in 2006, Synergy Car Leasing is one of the foremost vehicle leasing providers in the UK, offering both business and personal contract hire agreements. In 2023 Synergy achieved the Feefo Platinum Trusted Service Award for the fourth consecutive year, the highest accolade for best-in class customer service, as well as winning the best customer service award at the Broker News awards.

Newable will now steer the company through its next phase of growth, focusing on continuing to help UK SMEs to implement salary sacrifice schemes, growing its emerging small to medium size fleet management business and continuing to be a customer champion in the leasing space. Paul Parkinson who founded the business in 2006 will be continuing as Executive Chairman.

Phil Reynolds, Managing Director of Newable Lending, said: “We are pleased to have completed this acquisition and are now looking forward to the next phase of growth for Synergy Car Leasing, building on an exceptional, customer-first track record built over the past 17 years.

“The UK automotive leasing market continues to grow at pace, driven by an increased desire for flexibility from both personal and business customers, with the rise of hybrid and electric vehicles also playing a key role in creating a wealth of new opportunities.”

Legal support for the transaction was provided by Avril Higginbottom at Clarion and financial due diligence conducted by Martin Athey at Translink Corporate Finance.

 

 

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Chris Wright

Chris Wright

Chris Wright has been covering the automotive industry nationally and internationally for 30 years. Following spells with consumer titles he became News Editor of Automotive Management (AM), Editor of Automotive International, International Editor for Detroit-based Automotive News, and Editor of Dealer Update. He has also co-authored several FT Management Reports and contributes regularly to Justauto.com

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