AIRDRIE-based TOM Vehicle Rental has won a multi-million-pound contract to provide and manage a fleet of up to 200 vans and specialist vehicles for Scottish company Land Engineering over the next five years.
TOM said it was acquiring Land Engineering's existing fleet of 160 commercial vehicles in a deal worth "just over £1 million". These vehicles will be rented back by TOM to the landscaping, ground maintenance, and civil engineering services company.
The Airdrie company will also rent up to a further 40 vehicles to Land Engineering, in line with seasonal demand.
James Rafferty, group sales and operational director of TOM, said that the five-year contract with Land Engineering was worth about £5m in revenues in total over its five-year duration.
The companies said that Land Engineering's driver downtime would be minimised through the carrying out of servicing and "running repairs" by TOM's mobile technicians.
Land Engineering was established in 1980. The company, which now employs in excess of 600 people and has annual revenues of more than £40m, has operating bases in Fenwick, Glasgow, Edinburgh and Dumfries.
TOM was founded in 1991. It now has about 560 staff, and more than 9,000 vehicles.
The company made pre-tax profits of £1.6m in the year to March 31 last year, up from £1.3m in the prior 12 months. Turnover rose by 58 per cent to £98.5m in the year to March 2014.
TOM expects to post a further 45 per cent rise in turnover, to more than £140m, for the year to March 31, 2015.
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