Money

TVS Supply Chain Solutions has acquired same day courier and technology company Rico Logistics for an undisclosed sum.

TVS, which specialises in supplying spare parts to the automotive industry - including Isuzu Truck, MG Motor and Dennis Eagle - has an annual global turnover of six billion dollars and has acquired Rico Group as part of its European expansion plan.

It has acquired the majority shareholding of Rico Group, whose services include a same day courier service throughout the UK and worldwide, distribution and inventory management and technical spare parts for its inventory management system. The acquisition will see TVS manage the spare parts and Rico Group deliver them using their quick delivery service.

"Rico is a company that has offered rapid response for over 20 years," said Richard Slee, European chief executive for TVS Supply Chain Solutions. "One of the things Rico does is get us access into the European market."

Rico Group, who are headquartered in Slough, has an O-licence to run 32 vehicles and 10 trailers out of 10 sites nationwide, will continue to operate their contracts in the same way.

A  statement on Rico Group’s website said that chief executive Sam Sharma will continue to run the company, however this will be overseen by TVS.

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