Exclusive: Majority stake sold in Harrogate-based Synergy Automotive

Vehicle leasing firm Synergy Automotive has sold a majority stake in its business to a London-based business finance firm.

Paul Parkinson, chief executive of Synergy.
Paul Parkinson, chief executive of Synergy.

The Harrogate-based firm wouldn’t disclose the exact amount of the business that has been sold or the deal value but said that the investment by Newable would accelerate the company’s growth plans.

Paul Parkinson, chief executive of Synergy Automotive, will be continuing with the business.

Synergy is hoping to double its staff numbers in Harrogate, where it currently employs around 50 people, over the next three to five years.

Mr Parkinson, who founded the business in 2006, told The Yorkshire Post: “As a Yorkshire business, we’ve got no plans for the offices to relocate and no plans to change anything.

“At our facility in Harrogate, we have space to accommodate at least another 25 to 30 people and our existing landlord has got multiple units where we can put people in. So we have no plans to relocate away from Hornbeam Park whatsoever.”

Synergy Automotive said its turnover represents around £112m worth of vehicles, with the actual turnover figure standing at £5m.

Mr Parkinson said he was “excited” about the prospect of working with Newable.

He added: “I haven’t got any plans to say see you later. I’m staying on as chief executive of the business to deliver on the mutual growth ambitions of both companies.”

Newable has over 450 staff and supports businesses through a platform of products and services across financial services, professional advice and workspace.

Chris Manson, CEO of Newable, said: “Newable is looking to capitalise on market opportunities created by the changing nature of work and the shifting pattern of how users pay to access assets that help them run their businesses and personal lives. Synergy is an exciting addition to our offering within our lending portfolio.”