Velosi buys into Intec

Velosi, whose European headquarters are in Reading, has acquired a 60 per cent interest in Morecambe-based Intec UK, in a deal that could be worth a total of £1.92m.

Velosi is an international company which supplies quality systems and health and safety equipment to the oil and gas industry. Among others, Intec supplies personnel, training and support to the aviation, engineering and construction, and rail industries.

‘This acquisition is a major addition to our service offering,’ said Dr Nabil Abdul Jalil. ‘Intec’s commitment to quality, safety, the environment and innovation has enabled it to build up an extensive network of contacts of over 65,000 candidates, which includes some of the most sought-after and highly skilled personnel available. In industries where there is a distinct shortage of high calibre individuals this is an invaluable asset to have acquired’.

John Hepworth, managing director of Intec said, ‘The synergy between the two companies was a major consideration for the acquisition and our confidence in Velosi’s business model is demonstrated by our subscription for one million new ordinary shares in the group. Through this acquisition, Velosi will be able to support the continued expansion of our Manpower business globally by integrating Intec’s skills into the wider group and allowing access to new markets through its existing global network’.

The consideration is to be satisfied through cash and the issue of Velosi shares.