BT Group could sell fleet division in £200m deal, suggest reports
Rumours are circulating that BT Group is looking to sell
its fleet division for approximately £200 million, according to reports.
Sky News first reported the rumours (9 November)
highlighting that investment bank Lazard had been hired to undertake an auction of the business, which
includes about 32,000 BT and Openreach-branded vehicles.
The business, BT
Fleet Solutions, also serves 28 other corporate clients, maintaining a total of
a further 90,000 vehicles, and employs 840 in-house commercial vehicle experts,
according to the reports. It also has a network of 65-owned garages across the
UK, more than 500 partner garages and more than 50 mobile technicians,
according to the company’s website.
The 120,000-strong fleet of mission-critical cars, vans and HGVs
and specialist ancillary equipment receives a range of services from service,
maintenance and repair (SMR) and fleet management, to telematics and accident
BT Fleet Solutions is said to be one of several assets
that the company is looking to sell as it gets ready for a handover at the top,
with Philip Jansen due to replace Gavin Patterson as its chief executive in the
A source close to BT, according to Sky News, said a
disposal of the fleet arm was likely to include a leaseback arrangement to
enable the company’s engineers to continue to use the vehicles.
Since the reports first started to circulate neither BT
nor Lazard have commented.