UK Car finance broker European Vehicle Contracts Ltd, which trades as Eurodrive Motor Finance, has successfully completed a management buy-out ending it’s 4-year association with Australian PLC, McMillan Shakespeare Ltd (MSL).
Based in Newcastle-upon-Tyne, Eurodrive has operated successfully for more than 16 years offering specialist vehicle finance via a network of 400 franchised and independent motor retailers. The original acquisition of EVC in 2016, by the Australian Group, was seen as an opportunity to expand the company’s reach throughout the UK and whilst the business has undoubtedly benefited from its association with MSL, the current management team sensed that the time was right to steer a different course.
Stephen Dixon, CEO and a founder member of the company said; “This change of ownership will allow us to adapt more quickly to the ever-changing landscape of the motor finance sector. Whilst being part of MSL has had many advantages, the last 12 months has proven to be an extremely difficult trading period. Controlling our own destiny and having the flexibility to adapt and diversify will be key to emerging from this period successfully.”
The Eurodrive management team behind the MBO have all been involved with the business for many years. Kirstie Tyson, now Managing Director, is acutely focussed on re-establishing the brand identity of the business. “Whilst our change of ownership will involve minimal disruption, I want to ensure that from a dealer and customer experience perspective, there will be a tangible and noticeable improvement to our service and the products we provide. We have ambitions to significantly grow our supporting dealer base and will continue, as we always have, to support dealers with a variety of finance products as well as innovative stock funding solutions.”
Other additions to the Board are Andrea Dunn, Finance Director and Steve Carroll as Commercial Director.
As the company enters a new era, the Business is focussed on delivering a comprehensive product offering with compliance being the key. In addition to Motor Finance products, a strong B2B proposition, including asset finance facilities, via fast cutting edge ‘E’ platforms to ensure efficient decision making.
European Vehicle Contracts
9 Apex Business Village
Newcastle upon Tyne
Copyright © 2021 Eurodrive Motor Finance - All Rights Reserved.
Company Number: 6532275
ICO Number: Z2537167
Registered Address: European House, 9 Apex Business Village, NE23 7BF
Eurodrive Motor Finance is a registered trading name of European Vehicle Contracts Limited, authorised and regulated by the Financial Conduct Authority, FRN 649225. Eurodrive Motor Finance is acting as a licenced credit broker and not a lender. Eurodrive can introduce customers to a limited number of finance providers based on your credit rating and we may receive a commission for such introductions. Please note this will not impact on the rate you are provided.