interleasing plans to divide
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• A major shake-up of Interleasing's commercial vehicle operations is expected to follow its acquisition of Kidderminster-based Foley Self Drive this week.
The purchase, which brings Interleasing's commercial fleet up to 3,500 vehicles, will strengthen the company's presence in the West Midlands.
More importantly, however, as Interleasing managing director Charles Heart revealed exclusively to CM, the acquisition of Foley Self Drive will herald the segregation of Interleasing into two separate divisions, one concentrating on commercial vehicles, the other on passenger cars.
The administration of the new truck division is likely to he moved from Interleas ing's existing Stoke on Trent offices to Foley's offices in Kidderminster.
Heart says the decision to separate Interleasing into two divisions was made about two months ago, and the acquisition of Foley Self Drive should help Interleasing's commercial division to build a separate identity using the Foley name.
Michael Pocknall, founder of Foley Self Drive, will work for Interleasing at Kidderminster as a consultant. Heart says no closures or job losses will result from the acquisition. "We are purchasing to expand," he says. "Foley's is a highly profitable company."
No figure is available about how much Interleasing paid for Foley Self Drive, though Heart does say: "There have been rumours around here saying either that Foleys was going bust or that we paid £12 million for them. Neither is true."
[]The decision to separate Interleasing into two divisions marks a return to the original structure of the company. Interleasing has operated car, van and truck rental together as a single business since the decision was made in 1982 to integrate them.