Fleet News

New chief named as VELO is sold

DRESDNER Kleinwort Benson has sold its leasing and fleet management subsidiary VELO to the Motor Group, a holding company backed by the venture capitalist European Acquisition Capital, for an undisclosed sum. The sale coincides with the disposal of VELO's stake in VELO Motor Accident Management, which covers about 100,000 company vehicles, to its joint venture partner Aon Risk Services.

A formal partnership between Aon Risk Services and VELO will, however, see Aon continue to provide VELO's customers with accident and risk management services branded under the VELO name. An official statement from VELO attributed the sale of the business to its own plans for significant growth at a time when Dresdner Kleinwort Benson wanted to move away from direct ownership of fleet companies, although the bank will continue fund VELO's business activities.

VELO has a funded fleet of about 11,000 vehicles and a further 8,000 under management. The company's founder and managing director, David Voss, has now left to pursue other interests, and been replaced by Nigel Stead, formerly managing director of VELO (North). He reports to Nigel Stephens, chairman and chief executive of VELO, and chief executive of the Motor Group. Stephens was formerly vice-president of Budget Rent a Car International.

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