FLEETLEASE signed a £900,000, 150-vehicle sale and leaseback deal with electrical products company Electrium at the Fleet Motor Show. Under the new four-year agreement, Fleetlease has bought the company's existing fleet and will replace them with Vauxhall Vectras and Omegas, supplied on contract hire by Henlys of Rotherham.

Electrium was formed following a management buyout from the Hanson Group in April 1997. Its fleet had previously been outright purchased. Electrium group purchasing manager Rob Houston said: 'We wanted to be far more efficient in the way we ran our fleet. Apart from the obvious balance sheet benefits associated with contract hire, the deal both Fleetlease and Vauxhall have proposed means we get an excellent financial package and a far superior service.'