Octopus Electric Vehicles selects Close Brothers Leasing to help open up EV offer to millions of new customers

This latest tie-up builds on the highly successful partnership that saw Close Brothers Leasing become the first funder for Octopus’ salary sacrifice offering in 2021, which has now reached over 1,500 businesses. 

Emma Cranage, Head of Personal Contract Hire at Close Brothers Wholesale Finance, said: “We are delighted to be the first – and currently only - funder to support the personal leasing growth ambitions of Octopus EV.

“We originally provided a facility to support Octopus Electric Vehicles’ launch of their salary sacrifice scheme in April 2021 and meet their substantial growth ambitions.

“To maintain our strong relationship, we started working on structuring a funding product for Octopus EV’s personal leasing product six months ago. This has included a full review of operational and regulatory processes as well as a bespoke funding structure to allow us to support a facility.”

Fiona Howarth, CEO of Octopus Electric Vehicles, added: “We’ve reached a tipping point in the Electric Vehicle market, driven by a number of factors, including low running costs, convenient charging, improved range and environmental benefits.

“With more and more options becoming available, the transition is only going to accelerate, which is why we wanted to offer our consumers a product that will allow consumers to benefit from the many advantages of EV ownership. 

“Close Brothers Leasing were the first to fund EVs for our salary sacrifice clients and they are now the first to fund EVs for consumers via Octopus Electric Vehicles.

“They are fast moving, flexible and friendly - they are a great team, and thank you to everyone who has worked so hard to get us to this point.”