Australian-listed SG Fleet Group manages a fleet of around 130,000 vehicles in Australia, New Zealand and the UK. Fleet Hire, which has 60 staff, has around 6,500 vehicles.

The senior Fleet Hire team of chief executive officer, Graham Hale, chief operating officer Chris Joyce, and sales director Nick Poole will remain with the business.

In a statement, SG Fleet said the acquisition provided it with, “critical mass in the attractive UK fleet market and, in combination with our existing local business, will create a profitable platform for future growth.”

The deal was completed at the end of last week and both businesses see the move as being “very positive” for their future development.

Commenting on the takeover, SG Fleet UK managing director, David Fernandes, said: “Fleet Hire is an ideal fit for our long-term growth strategy in the UK. Coupled with the invaluable expertise we have gained by retaining the commitment of the existing management team, we have made a significant stride forward in this market.

“Our Novalease product has already been very successful in the UK salary sacrifice market and, combining it with a more sizeable operation, will make us capable of servicing ever larger customers.”