REACTION from the leasing industry to the Rover announcement was swift, with one firm which had decided to abandon the brand welcoming it back with open arms. Interleasing decided during Rover's negotiations with Alchemy to block quotations on the manufacturer's vehicles until certainty returned to the firm's future ownership.

Len Clayton, managing director of Interleasing, said the decision to take Rover off his choice lists was done with a 'very heavy heart' and he acted quickly to return the badge to his fleet. He said: 'We began quoting on Rover product immediately after the announcement of the deal with Phoenix.

'It is amazing what a difference a public statement can have. It seems very fickle, but it does affect buyers' confidence and the market seems upbeat. At the time of our decision to stop quoting on Rover, it was a matter of confidence, because there was a network of dealers and future investment to consider. These ingredients have now been assessed and I will recommend to the pricing group in June that they overhaul their adjustments to alter the way we now view Rover's cars. I really think the cars are superb and that should be reflected in the residual values.'

Tim Holmes, director and head of HSBC Vehicle Finance, said for the moment it is to keep its policy of only quoting on Rovers when customers specifically ask for them. He said: 'There is still a lot of detail that needs to be worked through before we can understand the full impact of the deal, but we look forward to its successful completion.'