16 August 2021
Administrators of Raedex Consortium Ltd (Raedex) an FCA-regulated vehicle leasing company and its two subsidiaries, Buy 2 Let Cars Ltd (B2L) and Rent 2 Own Cars Ltd (R2O) are selling over 350 live lease agreements to maximise the potential returns for creditors.
Raedex Consortium Limited was part of a group trading under the Wheels4Sure brand, which successfully built a significant customer base offering new cars to people with limited credit history. Graham Bushby and Matt Haw of RSM Restructuring Advisory LLP were appointed as joint administrators in March 2021. Since then the leases have been actively managed and are now being offered for sale.
The vehicles were purchased from new, without finance, and therefore have substantial capital value. Monthly charges under the leases are from £199 - £400 including VAT. The leases are Regulated Consumer Hire agreements for small family vehicles, typically for three years. The lease book is forecast to generate a good level of returns, in addition to the residual value of the cars at the end of the lease period.
Graham Bushby, Partner, RSM Restructuring Advisory, said: ‘This could be an ideal opportunity to take ownership of a book of 367 regulated consumer lease agreements. As we are looking to secure final offers on this asset by mid-September, time is of the essence to submit an expression of interest.’
Interested parties can request an expression of interest document and obtain access to the data room by contacting Nick Edwards, Director at firstname.lastname@example.org or Adam Herman, Director at email@example.com.