2022 FN50 analysis: Turmoil in the UK leasing industry as 50 become 49

There is no escaping the headlines: for the first time since expanding the FN40 to become the FN50 in 1998, we do not have 50 leasing companies on the list.

Executives have said for the past few years that there are too many leasing companies in the UK and consolidation was inevitable, with some putting a market saturation figure of around 30 companies; however, while there has been some consolidation year-on-year, with more likely in 2023, there are additional reasons for falling short of 50 this year – and it isn’t because the UK doesn’t have 50 leasing companies.

The biggest reason is the absence of Holman and Fraikin who, for different reasons, have declined to participate in the list this year.

Holman, the Fleet News leasing company of the year up to 20,000 vehicles no less, declined to supply its figures due to its “current growth journey”. It obviously supplied those figures as part of the Fleet News Awards entry, but they remain confidential.

However, it’s fair to say Holman would’ve made its mark on the FN50 in its first year, so we can only hope for a change of mind next year.

Finally, Fraikin, last year’s number 45, declined to enter because its priority is trucks, even though it returned a fleet size of 319 cars and 1,484 vans in 2021. The company views the FN50 as being car biased, despite the fact that the questionnaire includes trucks (in 2021, Fraikin funded 2,280 heavies, with only Zenith and Hitachi – now Novuna - reporting higher figures).

So, one leasing provider departs and one eschews the chance to enter.