GE Capital Fleet Services Strengthens U.K. Presence With Acquisition of BRS Car Lease From NFC PLC

4 June 1997
GE Capital Fleet Services Strengthens U.K. Presence With Acquisition of BRS Car Lease From NFC PLC

    STAMFORD, Conn., and MANCHESTER, England, June 4 -- GE
Capital Fleet Services announced today that it has agreed to acquire BRS Car
Lease from NFC PLC.  Details of the transaction were not disclosed.
    Based at Leamington Spa, Warwickshire, BRS Car Lease operates a fleet in
excess of 12,000 funded and non-funded vehicles.  With the acquisition, GE
Capital Fleet Services now leases and manages over 83,000 vehicles in the
U.K., where it currently operates through three member businesses, Avis Fleet
Services, Lease contracts, and Cochranes Fleet Services, the public sector
leasing specialists.
    "This transaction is an important contribution to our expansion plans in
the U.K. and throughout Europe," said Simon Williams, president and chief
executive officer of GE Capital Fleet Services.
    Jonathan Burr, U.K. Managing Director of GE Capital Fleet Services said,
"This acquisition will contribute significantly to increasing service benefits
to BRS Car Lease's customers.  I am confident BRS Car Lease's customers will
quickly gain from our financial, technical and human resource strengths, and
from the momentum of GE's worldwide drive to achieve our Six Sigma quality
standard."
    GE Capital Fleet Services has more than 850,000 cars and trucks under
lease and service management in North America, Europe, Australia and Japan.
In Europe GE Capital Fleet Services has 1,300 employees and operates
approximately 240,000 vehicles in 27 countries.  Its Avis Fleet Services
business unit is one of the leading pan-European fleet management companies.
    GE Capital Services, with assets of over US$227 billion, is a global,
diversified financial services company with 27 specialized businesses.  A
wholly owned subsidiary of General Electric Company , GE Capital
Services, based in Stamford, Connecticut, provides equipment management,
mid-market and specialized financing, specialty insurance and a variety of
consumer services, such as car leasing, home mortgages and credit cards, to
businesses and individuals around the world.  GE is a diversified
manufacturing, technology and services company with operations worldwide.

SOURCE  GE Capital Services