Tusker retains autonomy following Lloyds acquisition, confirms new MD

Tusker will continue to operate as a standalone business and focus on providing salary sacrifice solutions, following its acquisition by Lloyds Banking Group.

The company was bought for £300m by the banking giant - which is also the parent company of Lex Autolease - in February 2023.

Kit Wisdom was appointed managing director of Tusker, in January, after CEO Paul Gilshan decided to step down.

Wisdom told Fleet News: “Originally, when Lloyds purchased Tusker, it said we would be standalone business focussing on salary sacrifice and that is exactly how it is.

“I’m really pleased that we have an MD role and they’re are actually doing what they said and focussing on the years to come. Tusker will absolutely be that salary sacrifice brand for the group.”

Tusker was ranked 12th in the latest FN50 survey, having grown the number of vehicles it funds by almost 50% over the past year.

Wisdom expects further growth in 2024, stating that salary sacrifice is the most cost-effective way to lease an electric vehicle.

“It allows people to see what their vehicle costs will be over the next three or four years. If you can get a vehicle for a fixed amount of money that you can budget for, that’s really important in the current economic climate,” he explained.

Gilshan moved from his role as CEO to join the board of Tusker as non-executive director.