Head of U.K.’s Largest Leasing Company Departs for MotoNovo Finance

The managing director of the U.K.’s biggest leasing company has left his post.

Richard Jones—formerly the managing director of Lloyds Bank Group’s combined leasing and motor finance business, Lex Autolease and Black Horse Finance—is heading for a new executive position. Based in Cardiff, Wales, Jones will be managing director of MotoNovo Finance, a division of Aldermore Bank.

Jones leaves Lex Autolease after four years heading up the leasing business and a long and varied career at Lloyds Banking Group since joining their graduate finance program. He was also chair of the Finance & Leasing Association from 2016 to 2021.

His appointment at MotoNovo commences early 2023 where he will also join Aldermore’s Executive Committee. He will report to Aldermore’s CEO Steven Cooper.  

Commenting on the appointment of Jones, Steven Cooper, CEO of Aldermore Group, said: “I’m delighted to welcome Richard and have him join the team at Aldermore. He brings a wealth of experience having run the UK’s largest motor finance business for a number of years, and his skills and expertise will be a huge asset as we aim to grow our MotoNovo business.” 

"I’m really looking forward to getting started and working with the Aldermore and MotoNovo teams," Jones said. "I’m joining a great, well-established business which offers a fantastic service to people looking to buy their next car, van or motorbike. I’m confident that we can do even better—by improving our offering and building even stronger relationships with customers, we can grow our share of the market.”

Lex Autolease is currently the UK’s largest leasing company with a fleet size of 282,720 funded vehicle assets. In second place, according to the FN50, is Volkswagen Financial Services | Fleet with a fleet size of 202,155 vehicles and Arval UK in third (179,022).

Lex Autolease’s fleet, however, will be dwarfed by the fourth- and fifth-placed LeasePlan and ALD Automotive, which subject to final takeover, will boast a fleet size in the U.K. of 316,673 vehicles, based on 2021 figures.