Newable completes acquisition of Harrogate-based vehicle leasing business Synergy Automotive

Alternative finance provider ThinCats provided a 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 offers both business and personal contract hire agreements.

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 continue 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.”

Ben Kimball, director of business development at ThinCats, added: “It has been fantastic working with Phil, and we are excited to be supporting an ambitious business on a strong upwards trajectory. They have remained agile and responsive to changing market demands, which is testament to the quality of the whole team.”