Picture: Eurodrive directors: Stephen Dixon, MD (left), Derek Goodsir, CFO (right) and Kirstie Tyson, director.

Maxxia UK, provider of asset financing solutions, has acquired point-of-sale car finance broker European Vehicle Contracts Ltd which trades as Eurodrive Motor Finance.

Eurodrive joins the group of companies owned by McMillan Shakespeare Limited (MSL), an Australian listed company. 

The deal forms part of MSL’s growth strategy in the UK and follows the acquisition of CLM Fleet Management in 2013 and, more recently, Anglo Scottish Asset Finance in 2015.

Newcastle-upon-Tyne based Eurodrive is a specialist in vehicle finance, operating through a network of 400 franchised and independent new and used car dealers, mainly from central Scotland to South Yorkshire.

The business was founded in 2008 by Stephen Dixon and Derek Goodsir, managing director and chief financial officer respectively. They remain with the business. It employs 33 staff.

Eurodrive provides vehicle finance to personal and small businesses.

Roger Skinner, Maxxia chief executive, said: “Eurodrive is a perfect addition to our business and a key part of our growth plans.

“The acquisition of Eurodrive provides us with entry to the dealer point of sale consumer finance market and is complementary to our existing asset finance business.

“The Eurodrive team has deep market knowledge in the dealer-facing finance arena and we intend to expand on its already established network across the UK. This new relationship will further enhance our position as the trusted partner for asset financing.

”The acquisition will involve minimal disruption to Eurodrive’s business as the senior management team will continue to run and manage the business and, from a dealer and customer experience perspective, it will be very much business as usual.”

Dixon said: “The connection to Maxxia will enable us to improve our offering in a number of areas where Maxxia has significant strength and the extension of our business, both in terms of products and geography, will afford greater opportunities for Eurodrive staff and customers alike.”