UP-for-sale contract hire and leasing company ACL autolease and its Motorent subsidiary are expected to be sold within the next few weeks. The Standard Chartered-owned company announced almost three months ago that it wanted to sell its Chartered Trust subsidiary, which includes its vehicle leasing operations. A £700 million price tag was put on the company.

In publishing half-year results, Standard Chartered chairman, Sir Patrick Gillam, said: 'We announced in May that we were undertaking a strategic review of Chartered Trust. This is an excellent business but it was felt that another organisation might be better placed to exploit its potential in the UK and Europe. A number of approaches have been received from potential purchasers and we expect to make a statement on the future of Chartered Trust within the next few weeks.'

Goldman Sachs is evaluating disposal options and recently speculation has centered on GE Capital Fleet Services, General Motors Acceptance Corporation, which owns Interleasing, ABN AMRO, which owns Lease Plan, and BNP Paribas, which owns Arval Service Lease, as being possible buyers of the contract hire businesses, which operate about 54,000 vehicles. Industry sources say the preferred buyer would be a company prepared to own Chartered Trust as well as the leasing operation.