Fleet News

Venson set for buyout of Midlands-based hire firm

VENSON is set to acquire a Midlands-based contract hire and fleet management company as part of the latest stage in its expansion plans. The name of the company, which has a 3,500-strong fleet and turnover of £18 million, is not being revealed by Venson until the deal has been signed.

The acquisition comes only weeks after Venson secured its biggest yet (£53 million) contract to handle the repair and maintenance of the Metropolitan Police Service's fleet of 3,500 vehicles. It will further boost Venson's fleet of about 10,000 vehicles, adding a wider range of contract hire vehicles to the company's fleet. Venson late last year secured the backing of the Canadian Imperial Bank of Commerce which has acquired 32% of the Venson Group, giving it the extra financial support it needed to win major contracts.

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