Zenith has announced the completion of an industry first vehicle securitisation funding structure, which aims to provide all the asset funding required to meet the significant planned organic growth of Zenith and its customers.
The innovative facility was developed with core banking partner HSBC.
Zenith’s chairman Andrew Cope said: “We have continued to invest heavily in our service delivery infrastructure and have a compelling proposition for UK corporates.
“The quality of our customer base is second to none and allows us to develop differentiated funding structures for our clients. The size of the new funding facility is substantial and highly scaleable and will be sufficient to fund all of our anticipated growth plans.”
The new facility provides funding independence for Zenith and is an important part of the continued development of the company’s support service offering delivering top quality intelligent fleet outsourced services for mid to large UK and international companies.
Zenith’s chief financial officer Mark Phillips, the architect and driving force in creating the facility, said: “Whilst other forms of securitisation have been used in our industry before, the structure we have developed is genuinely unique in a number of ways.
“It was an exciting and challenging project, but the basic principles were simple. During times of market stress and restricted supplies of credit, there is a flight to quality. We deal with some of the world’s strongest businesses and as a result have been able to demonstrate very clearly to investors that our asset base is of extremely high quality. There is a pool of capital out there that is keen to invest money securely in top quality assets.”
Tim Buchan, chief executive officer, added: “Importantly most of the innovation in our business continues to be in the area of service delivery. What this new funding structure means is that we can accelerate this innovation and investment in our systems and people for the benefit of our customers.”
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