Earlier this month, the financial strength and flexibility shown by Ryder were reportedly key to completing the purchase and lease back of Travis Perkins’ 600-plus fleet in just 96 hours.
When Travis Perkins’ vehicle supplier went into administration, Group Fleet Director Graham Bellman turned to Ryder, an independent provider of commercial vehicle rental, contract hire, and maintenance services, to keep operations running smoothly.
Travis Perkins is the largest builders’ merchant group in the UK. It operates 620 vehicles from 20 locations across several businesses, including Wickes, City Plumbing Supplies, and Travis Perkins itself.
The merchant group needed to secure a new service provider to minimise impact on its customer deliveries across the UK in the run up to a key trading period for the Wickes business.
Bellman commented: “It was a hugely challenging time for us – and for Ryder. Within 48 hours of being contacted, the company had prepared and delivered a commercial proposal for 620 rigid trucks, tractor units, and trailers. After 48 hours, all contracts had been signed, and more importantly, there was no disruption to our operational business.”
Reflecting on the pace, the scale and timing of the challenge, he cites Ryder’s financial and operational capability as the key drivers that helped get the deal over the line. “It became clear very quickly that it was the only company that had the foresight and financial capacity to take on these assets. What we needed from our service provider was the right vehicles, competitively priced, and fully compliant with additional short-term rental support for seasonal peaks. Ryder delivered on all of these requirements when we needed them the most.”
As the project lead for Ryder, Finance Director Stephen King says: “This was an extremely complex negotiation due to the involvement of multiple vehicle funders – Ryder had to deliver on its promises to buy these vehicles and execute the deal quickly and confidently to support the operational commitments of Travis Perkins. With our financial standing and the full support of our US parent, we were able to do this like no other provider, and all without taking undue risk.”
A team of 26 people at Ryder were engaged on the deal. “To see the company kick in and make this happen was quite something,” says John Robinson, Director – Fleet Sales. “The pace at which everyone was working on administering the deal – from the initial valuation of all 620 assets, through to pricing, our UK legal counsel approving all legal documents together with the Travis Perkins legal team within three days, and finally the actual purchase – was phenomenal.”