Fleet News

No replacement for VELO chief

VELO has decided not to replace its managing director Nigel Stead, who left the company in March. Company chief executive and chairman Nigel Stephens is acting managing director in Stead's place.

VELO was sold by Dresdner Kleinwort Benson to the Motor Group, which is backed by European Acquisition Capital. Stead left in what a spokesman described as an 'amicable split'.

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