Ogilvie switches bank in expansion drive

Scottish firm Ogilvie will expand its vehicle leasing arm by 1,500 cars and vans after switching its lender from Royal Bank of Scotland to Barclays.

The Stirling-headquartered company, which is also involved in construction, housebuilding and communications, changed banks in a deal that will see it get access to extra funding, it said.

The firm plans to grow its fleet from the current 10,500 vehicles to 12,000 to meet organic growth plans over the next few years. It will also invest £750,000 in IT for the leasing business.

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Gordon Stephen, managing director of Ogilvie Fleet, said: “The new funding stream ensures that the fleet division, just like the rest of the group, has access to funds to achieve its growth aspirations.”

Ogilvie had banked with RBS for 12 years before switching to Barclays Corporate.