Reece Group takes full control of pothole specialist Velocity
10th September 2012
Reece Group has taken over pothole repair specialist Velocity and says there is potential for significant expansion overseas.
It has now snapped up the remaining 50% of the circa £6m turnover Velocity, again for an undisclosed sum.
John Reece, Chairman of Reece Group, said: “We acquired 50% of Velocity last summer with a view to acquiring the remaining 50% later.
“In the meantime, our subsidiary, Pearson Engineering Services, has worked closely with the Velocity manufacturing team to make the production process ready for larger volumes.”
“There is potential for significant overseas expansion. There are potholes in roads all over the world and the Velocity vehicles provide an excellent solution, particularly at a time when there is pressure on public expenditure.”