Another contract hire firm exits UK market as BNP Paribas sells up

HGV contract hire firm BNP Paribas Rental Solutions has been sold to Novuna Vehicle Solutions.

In a statement, BNP Paribas Leasing Solutions UK said the sale of the assets and contracts of its subsidiary would not impact upon its core business nor would there be an impact on the rental solutions business in France, where the company is a leading market player.

BNP Paribas Rental Solutions operates a contract hire fleet of more than 1,300 vehicles across the UK and Novuna Vehicle Solutions has been operating in the country for over 30 years as a vehicle leasing and fleet management provider.

Jon Lawes, Novuna MD, said: “This is a special opportunity to continue to grow our business, evolving our specialist fleet services and the talented team who deliver first class customer services day in, day out.

“The similarities that exist with the way we do business, our values, culture and customer first approach assure me that this is an exciting opportunity to strengthen our unique capabilities.”

The news follows Ryder's recent announcement that it plans to exit the UK market.