Lloyds Bank strengthens EV offerings with Tusker acquisition

Lloyds Bank strengthens EV offerings with Tusker acquisition

(IN BRIEF) Lloyds Banking Group has acquired Tusker, a UK-based vehicle management and leasing firm that specializes in electric and ultra-low emission vehicles, through salary sacrifice schemes. Tusker offers a cost-effective way for employees to lease EVs as part of their salary packages. The acquisition is part of Lloyds’ effort to support a more sustainable society and help Britain reach its net-zero emissions targets by 2050 or sooner. Tusker, a member of the EV100 group, is committed to a zero-emission future and aims to make its fleet entirely electric by 2030.

(PRESS RELEASE) LONDON, 22-Feb-2023 — /EuropaWire/ — British financial institution, Lloyds Banking Group, announces that it has acquired Tusker, a market-leading UK-based vehicle management and leasing company specializing in electric vehicles (EVs) and ultra-low emission vehicles (ULEVs) through salary sacrifice schemes. Tusker launched the UK’s first car benefit scheme in 2008 and has grown tenfold over the past decade. The company provides salary sacrifice cars to over 1,300 companies across the UK, ranging from small to large public and private sector customers. Tusker’s fleet comprises more than 23,000 vehicles, of which 60% are EVs, and this is set to increase to 77% with future orders.

Tusker’s award-winning salary sacrifice scheme enables employees to lease EVs cost-effectively compared to combustion engine vehicles. Around five million employees are eligible for salary sacrifice, and the potential for more to become eligible as businesses look to attract and retain talent is significant. The UK government has confirmed its support for the scheme through 2028, with benefit-in-kind rates for EVs remaining low, making the scheme attractive to both lower and higher rate tax payers.

Nick Williams, Managing Director Transport, Lloyds Banking Group, said: “As part of our 2022 strategy, we outlined our ambitions to grow our participation in vehicle leasing and the acquisition of Tusker is a key part of delivering on this with a net-zero focus, at a time when the transition to sustainable methods of transport is a high priority for both our business clients and retail customers.

“Alongside our Lex Autolease business, this acquisition allows Lloyds Banking Group to offer our products and services across a wider section of businesses and enterprises, enabling them to provide competitive benefits packages while helping them transition to net-zero.”

Tusker is committed to driving a better car for the UK and was one of the early members of EV100, a group of companies committed to a zero-emission future. The company’s fleet will be fully electric by 2030, and it has over 250 employees across the country focused on customer excellence.

The acquisition of Tusker will support Lloyds Banking Group’s ambition to help Britain build a more sustainable society and achieve its net zero emission targets by 2050 or sooner. Currently, over one million cars and vans on UK roads are leased or financed through Lex Autolease and Black Horse, including one in ten new electric cars.

Paul Gilshan, CEO of Tusker, commented: “Lloyds Banking Group are the obvious choice to take Tusker to the next phase of our growth and I am delighted that we are joining the Lloyds family. Not only do we have aligned strategic goals on our commitment to net zero and excellent service, but with their strong financial support we can grow our electric fleet faster by offering exceptional value to our customers, drivers and partners.

“And while remaining as a stand-alone salary sacrifice business we can continue to do what the Tusker team do best and offer more companies and employees across the UK access to affordable electric vehicles.”

Media contact:

Jessica Sena | jessica.senat@lloydsbanking.com

SOURCE: Lloyds Bank plc