Newtown Holdings revealed a change in the ownership structure and the addition of fleet management and control as "a third pillar to the service offering" alongside rental and contract hire.
David Edwards and Mick Harrison, who worked together at TNT and Hays Logistics, have become shareholders of a new company, Newtown Fleet UK. Their advisors were Eversheds and KPMG.
Edwards, most recently director of logistics at Ryder pic, said Newtown remains privately-owned with no venture capital equity. The aim is for the management that was running Newtown progressively to hand over the baton. Edwards, Newtown's chief operating officer, said he is delighted with the relationship the firm has established with Jaama, the fleet management specialist, and VSC, the telematics and IT specialist.
The value to Newtown is that it can provide "cost-justified, proven technology" to long-term customers and Newtown is currently participating in very large project trials with blue chip customers, he said.
Newtown currently has 7,500 vehicles in its fleet, of which three-quarters are light commercials. Targets are to break the 10,000-vehide barrier in 18 months, and to build to 20,000 over the next five years with profitable and sustainable growth.