Tue, 08 Dec 2015 | DIVISION SALE
Stockton-on-Tees technology company Vianet has announced the sale of its petrol station management tools business.
Vianet provides real-time monitoring systems and data management services. Its Vianet Fuel Solutions (VFS) division caters to petrol forecourt operators - it provides key management information and services.
The company has revealed that VFS has been sold to Wayne Fueling Systems UK for £3.5 million. The move is intended to allow Vianet to focus on its core business objectives and boost financial resources.
At the same time, Vianet said that its revenue for the first half of the financial year had jumped to just under £10 million. Meanwhile, in the year to 31 March 2015, VFS recorded a small pre-exceptional profit on revenues of £4.2 million.
Commenting on the division sale, Vianet's chairman James Dickson said: "Over the past two years we have made significant progress to establish a strong reputation for VFS in the UK forecourt sector and to turn the business around to a good level of profit this year.
"VFS operates in a competitive landscape which is increasingly dominated by major global players, such as Wayne, and therefore we believe it is now, strategically, a good time for the group to sell VFS to Wayne who will continue to build on the strong foundations we have built."
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