Nexus Vehicle Rental, the UK’s leading tech driven business mobility provider, has today announced the sale of its accessible vehicle hire company Adapted Vehicle Hire (AVH) to Newship.
The sale is part of a strategic move by Nexus to focus on the growth of its core, tech driven vehicle solutions business which has delivered significant, sustained growth year on year.
In February Nexus reported a double digit increase in profitability and revenue for the fifth year running and last year secured £142m private equity investment from Phoenix Equity Partners to fuel further expansion and development of its proprietary vehicle rental and management technology, IRIS.
Adapted Vehicle Hire (AVH) is the one of the UK’s largest providers of specialist rental vehicles for disabled motorists, servicing both domestic and business users. Providing a wide range of wheelchair accessible and adapted cars for hire, it caters for all types of disability, with vehicles modified at its own specialist facility.
David Brennan, CEO of Nexus, said: “As part of our continued growth strategy we are now focusing solely on technology solutions for vehicle rental and management, which is where we have demonstrated significant market strength and leadership.
“AVH is a fantastic, asset owning business but one that no longer fits with our strategic direction and has a much more complementary fit within the Newship group. As such I am confident it will flourish under its new ownership.”
Richard Newman, group CEO of Newship, said: “We are delighted with this addition to our specialist vehicle and event hire portfolio and look forward to working with the AVH team.”
In the last 12 months Nexus has achieved record results, signed a number of high-profile clients and won numerous awards and recognition for its consistent growth and commitment to technology.
The company won a Lloyd’s National Business Award in November in the Elite London Stock Exchange Group Scale-Up category and CEO David Brennan won the EY Entrepreneur of the Year North Award in the ‘Disruptor’ category last month.