Synergy Set to Accelerate Growth Following Investment by Newable

Synergy Automotive Limited is delighted to announce the sale of majority interest to Newable Limited.

 

Synergy is an FCA authorised vehicle finance and credit broker based in Harrogate, North Yorkshire. The business has grown organically and profitably since its foundation in 2006. Founded and run by entrepreneur Paul Parkinson, Synergy is now one of the UK’s largest vehicle leasing companies and employs a growing team of nearly 50 people.

 

The UK is the third largest vehicle and asset leasing market in the world. The latest British Vehicle Rental & Leasing Association figures (data to June 2019) show the number of vehicles on lease contract grew by 12% year-on-year, with business contracts for vans growing even faster at 16%. The total number of contracts at the end of June 2019 was 338,111, up 35,699 compared to the same period the previous year.

 

Whilst the overall market for new vehicle registrations remains depressed, the attraction of leasing as an alternative to outright purchase has grown significantly. This hassle-free convenient service for both Business and Personal customers paying to use the vehicles of their choice, without the worry of depreciation or resale value fits perfectly in the 21st Century. Leasing can offer Tax and Cash Flow advantages to businesses large and small and is increasingly more popular with SMEs. A significant reduction in the Benefit in Kind Tax payable on Hybrid and Electric vehicles from April 2020 will also boost the take up of company cars.

 

Paul Parkinson, Synergy CEO, said, “I see so much opportunity in this sector – from helping customers transition to electric vehicles to supporting more SME business customers. We are delighted to be working with a Newable, a business that shares our ambitions for growth with the resources and support to help us deliver on these in a dynamic change driven marketplace.”

 

Chris Manson, Newable CEO, said, “Newable is looking to capitalise on market opportunities created by the changing nature of work and the shifting pattern of how users pay to access assets that help them run their businesses and personal lives. Synergy is an exciting addition to our offering within our lending portfolio.”

 

 

Paul Parkinson will continue to lead Synergy as CEO, with Newable providing additional support across IT systems and automation, HR, finance and marketing. Business Links Yorkshire, Fleet World and Harrogate Advertiser.

 

This acquisition has also been covered in the media including Yorkshire Post, Broker News, Business Money, Business Links Yorkshire, Fleet World and Harrogate Advertiser.

 

 

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Synergy Automotive Limited

Founded in 2006 by Paul Parkinson, who has more than 30 years’ experience in the automotive industry, Synergy Car Leasing is now one of the leading automotive and finance credit brokers in the UK. A significant driver of growth has been recommendation and referral from existing clients.  Synergy has achieved the Gold Trusted Service award from independent global feedback engine, Feefo, for five consecutive years & for 2020 It’s all new highest accolade The Platinum Service Award now with more than 6,100 independent 5* customer reviews 5 Stars for Customer Experience and Product. Synergy is recognised as the fastest growing Leasing Broker in its class by the Leasing Broker Federation in 2019. A member of the British Vehicle Rental and Leasing Association (BVRLA), Synergy is committed to the highest standards of service, fair terms & transparency.

https://www.synergycarleasing.co.uk/

 

Newable

Newable exists to make sustainable profits from helping other businesses to thrive. Newable supports businesses via a platform of products and services across financial services, professional advice and workspace that is unrivalled in the market. Newable has consistently generated inclusive social and economic impact since its foundation in 1982. Now employing over 450 staff, it has grown to become a national business with a presence from Aberdeen to Brighton. It serves over 22,500 client companies each year.  Newable is substantially profitable, has net assets of over £60m and has ambitious growth plans.

www.newable.co.uk