Black Horse (company)

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This article is about the subsidiary of Lloyds Banking Group. For other uses, see Black Horse (disambiguation).

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Not to be confused with Black Horse (formerly Beehive) Life Assurance Co., now Lloyds TSB Life Assurance.
Black Horse Limited
Subsidiary undertaking
Industry Consumer finance
Founded 2001; 23 years ago (2001)
(1922; 102 years ago (1922) as UDT)
Headquarters London, United Kingdom
Products Car finance
Parent Lloyds Banking Group
Website www.blackhorse.co.uk

Black Horse Limited is the UK’s leading provider of motor finance. It was formed in 2001 as a wholly owned subsidiary of Lloyds Banking Group, but its origins can be traced back to 1922. The company helps over 200,000 customers every year to finance new and used cars, caravans, motorhomes or motorbikes through their network of over 5,000 dealers.

History

Following the creation of Lloyds TSB Group in 1998, the businesses of Lloyds Bowmaker (formerly Lloyds and Scottish) and United Dominions Trust were combined into Lloyds UDT. In 2000, Lloyds TSB acquired Chartered Trust,[1] and, in 2001, the business of Chartered Trust was merged into the business of Lloyds UDT and the enlarged business rebadged under the Black Horse name to form the asset finance division of Lloyds TSB.[2]

File:Former UDT Headquarters in Cockfosters - geograph.org.uk - 50978.jpg
Former headquarters of the United Dominions Trust, Cockfosters.

United Dominions Trust

The origins of UDT go back to 1919, when the Continental Guaranty Corporation of New York established a branch in the City of London, which concentrated mainly on providing finance for the British motor trade. The business of the branch was transferred to a separate company in 1922, which was registered in England as the Continental Guaranty Corporation Ltd. In 1923, the company was acquired by British interests; in 1925, it converted to a public company and the name was changed to United Dominions Trust. Having been earlier associated with Barclays Bank, in 1981, it became a subsidiary of the Trustee Savings Bank.[3]

Lloyds Bowmaker

Bowmaker Limited was formed in 1926 and acquired by Lloyds and Scottish in 1982. Lloyds and Scottish was formed in 1958, by the acquisition of the Scottish Midland Guarantee Trust and Olds Discount Company by Lloyds Bank and the National and Commercial Banking Group (itself part owned by Lloyds Bank). In 1981, Lloyds Bank increased its shareholding in Lloyds and Scottish, taking full control of minority shareholdings in 1984, to form Lloyds Bowmaker.[4]

Chartered Trust

In 1973, Standard and Chartered Banking Group acquired the whole of the share capital of The Hodge Group Limited not already owned by The Chartered Bank for £45 million.[5] Sir Julian Hodge's other interests were divested to The Carlyle Trust (a company he owned) in 1976 and the consumer finance operation was renamed Chartered Trust; in 2000, it was sold by Standard Chartered to Lloyds TSB for £627 million.[6]

See also

References

  1. ↑ **Finance insight**Lloyds keeps two brands and seeks £25m savings Automotive Management, 15 September 2000
  2. ↑ Lloyds UDT rebrands Fleet News, 9 October 2002
  3. ↑ Written evidence from Lloyds Banking Group (SJ 004) Panel on mis-selling and cross-selling, Parliamentary Commission on Banking Standards, 4 January 2013
  4. ↑ Lloyds Bowmaker Act 1983 (c. xiii)
  5. ↑ Obituary: Sir Julian Hodge The Daily Telegraph, 20 July 2004
  6. ↑ Cunningham, John Obituary: Sir Julian Hodge The Guardian, 21 July 2004

External links

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