Car lease titan Lex is being offered up to
private equity groups by the company’s management in the hope of
sparking a multi-billion pound buy-out, it has been revealed.
It is understood that the sale has been proposed as a measure to
streamline the balance sheet of owner Lloyds Banking Group (LBG),
which has come under intense scrutiny to evaluate non-core assets
in the wake of its merger with bailed-out HBOS, leaving 44 percent
of the company under taxpayer ownership.
Lex, which administers a fleet of 194,000 cars and 52,000
commercial vehicles, has existed under a certain amount of
speculation recently, since the Lloyds/HBOS merger raised questions
on a possible “superfleet” combination with Lloyds’ 129,000-strong
fleet arm, Autolease (click here for more details.
Lex head Jon Walden declined to comment on his role in bringing
the proposal to private equity groups, although it has been
confirmed by the Daily Telegraph that meetings to gauge
support for the proposed bid have been underway for six weeks.