Two local entrepreneurs have set out to shake up the car-leasing market with the launch of a new company.

Mark Hall and Jonathan Ratcliffe, from Ilkley, have established Flexed.co.uk, which they say will give business owners a better deal on their car fleets – and could save companies across the UK up to £150 million a year.

The new venture was born out of frustration at the way existing inflexible vehicle leasing contracts can end up hitting companies’ profits. The partners estimate that ten per cent of companies have at least one unwanted lease car in their fleet after getting trapped in a long-term deal.

Mark and Jonathan vowed to shake up commercial car leasing after finding themselves at the wrong end of inflexible deals.

Mark said: “Car leasing contracts are up there with gym memberships for rigid deals that are impossible to cancel. Put simply, they cause frustration and cost money. We’re going to change all that and actually give the customer what they want.”

He said Flexed.co.uk has a simple mission to offer better cars and commercial vehicles at better prices, with no major up-front charges.

“We’re going to lease the very best top-spec cars at low prices on short-term deals to suit the customer. There must be thousands of car-leasing companies out there, but we’re the only ones to give power back to the driver,” said Mark.

Customers would not be tied into long-term deals or be asked to pay up-front charges, which could amount to nine months’ payment in advance. Mark said the approach would mean companies and individuals could control cash flow and have the peace of mind of knowing they can upgrade or downgrade at any time.

He said: “Car-leasing companies have had a grip on their clients for far too long. We’re going to be the alarm call that’s years overdue in the industry.”

The company promises leasing deals from between 28 days to 12 months, at prices that are cheaper than using a rental company.

It is also offering UK-wide delivery of vehicles within 24 hours and no maintenance charges.

Mark added: “It means companies can plan for the future with a little bit more flexibility and save their fleet budget into the bargain. A company can lease cars for, say, a temporary sales campaign or vans for a short-term contract and return them to us with no strings attached.”

Mark and Jonathan, who have been involved in several business start-ups, were motivated to start the new business after having to continue paying for leased cars for months after staff left their employment.