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UK: Vianet Fuel Division Valued st£ 3.5m

Vianet Group has announced the sale of its fuel solutions division in a deal valued at st£3.5m.

The firm, which provides real time monitoring systems and data management services for the leisure and vending sectors, has sold Vianet Fuel Solutions Ltd (VFS) to Wayne Fueling Systems UK Limited and the transaction is expected to complete on or around January 31 next year.VFS supplies management information and other associated services to independent, multi-branded owner, and supermarket petrol forecourt operators. Chairman James Dickson said: "Over the past two years we have made signifi-cant progress to establish a strong reputation for Vianet Fuel Solutions in the UK forecourt sector and to turn the business around to a good level of profit this year."VFS operates in a competitive landscape which is increasingly dominated by major global players, such as Wayne, and therefore we believe it is now, strategically, a good time for the Group to sell VFS to Wayne who will continue to build on the strong foundations we have built.

” Whilst it will be sad to say farewell to the VFS team, I am pleased that there is a great fit with Wayne who will take VFS to the next stage of development and growth."The sale comes as the firm announces a strong set of interim results, with revenues rising by 7.7% to Pounds 9.84m in the six months to September 30."The sale of our Fuel Solutions division will release both cash and management energy to develop our growth strategies in both Leisure and Vending still further."Meanwhile, Mr Dickson has announced he is to move from executive to non-executive chairman from January, while senior independent director Stewart Gilliland has announced he is retiring from the board at the end of December. The former chief executive of Muller Dairies UK and Ireland has recently been appointed as chairman of Booker, and has other commitments including being senior non- executive director at Mitchells & Butler.PetrolWorld 091215

 

 

 

Last modified onWednesday, 09 December 2015 21:40
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