Radius acquires majority stake in Traction Finance

Radius Vehicle Solutions has acquired a majority stake in Belfast-based Traction Finance, expanding into the north and south of Ireland.

With a wide portfolio of fleet customers across the UK and Ireland, Traction Finance is a long-established business offer multiple financing solutions.

From contract hire, rental, hire purchase to the sale of new and used vehicles, Traction Finance helps single user customers up to fleets of a hundred or more.

Currently, Traction Finance has 2,500 vehicles with 36% of new sales in 2022 coming from electric vehicles (EVs).

The deal, says Radius, offers Traction Finance the opportunity to grow its portfolio, as well as access to its wider line-up of solutions such as telematics, insurance, e-mobility and telecoms for its customer base.

Paul McGuire, traction finance’s managing director, said: “We are delighted to become a part of Radius Vehicle Solutions. It allows us to expand our unique Island of Ireland offering to a full eMobility solution, offering chargers, charge cards, as well as telematics, dash cameras, insurance and telecoms under one roof for our clients.

“We’ll also be working with some of the best in the industry, and that is a very exciting prospect.”

Bill Holmes, CEO at Radius, says that the acquisition follows Global Go last year, which gives the business increased scale and a capability to service customers throughout the UK and Ireland.

He added: “We are really looking forward to working with Paul and his team to accelerate the rollout of their solutions, giving us a competitive edge in the Irish market.”