LP moves into CVs
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• Leasing Principals, the Surrey car leasing company acquired by Rockwood Group last year, is launching a CV contract-hire operation with 500 trucks and 60 vans.
Managing director Tony Elliott has six months to find a commercial vehicle manager and launch the business, which will use Rockwood-liveried vehicles and will probably be called Rockwood Commercials.
Elliott, who set up Leasing Principals in January 1987 and now has a fleet of 2,500 cars, hopes to double the CV fleet within a year. He says the business is likely to target "upmarket, blue-chip customers", but this does not mean rates will be higher than competitors. All contracts will be for five years and more.
Bagshot-based Elliot plans to locate the new operation near the M25 and Heathrow with a launch deadline of 31 July.
Rockwood, which bought Leasing Principals for 2535,000 in June, has two main subsidiaries, Rockwood Distribution and Rockwood International Freight. The old Tate and Lyle Distribution Services contract distribution arm was bought by Rockwood Holdings in 1987 and now has a turnover of 2200 million.
It bought international freight forwarder Walford Meadows in June and airfreight carrier Mercury in September, when it also revamped its livery. Rockwood's principal activity is contract distribution.