Lex Service buys its van leasing division
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• The controlling interest in Lex Vehicle Leasing has been bought from Lombard North Central by its parent firm, Lex Service. The deal effectively ends the joint venture between the two companies which had run the contact-hire firm.
The announcement came as Lex Service revealed that the van leasing division made a £9.9m profit last year—almost exactly the same amount as the previous year, although the group is predicting that more vans will be bought under leasing arrangements in the future. Lex's lift-truck division posted profits up from 44.1m to £6m. 0 Ocean Group's contract logistics businesses boosted their operating profits by 67% to £3.5m on sales up 95% to £105m in the first half of 1998, thanks largely to the
Lex Vehicle acquisition of Intexo. McGregor Cory lifted its earnings by 9.5% to £2.3m, but incurred a cost of £1.2m for the installation of a new IT supply-chain management system. It won new contracts with Reckitt & Colman and Virgin Cola in the period.
European logistics interest lntexo, acquired at the end of 1997, made £2.4m in the halfyear, winning new business with Storagetek.