Acquisition

Speedy Hire PLC
2 January 2002

Speedy Hire Plc

2 January 2002



FOR IMMEDIATE RELEASE



                       Speedy Hire Plc  ('Speedy Hire')

                                (Hire Services)

 (Tool hire, site storage, portable accommodation, surveying and measurement
    instrumentation, pneumatic and electrical power generation equipment)



 Proposed Acquisition of Jewson Limited's Stand-alone Tool and Equipment Hire
                        Operations  ('Hire Branches')





The board of Speedy Hire announces that following negotiations with
Saint-Gobain, the parent company of Jewson Limited, today it has offered
irrevocably to acquire the entire trade and certain assets of Jewson Limited's
stand-alone hire branches for an anticipated consideration of £13.5 million.
The transaction is conditional upon acceptance by Jewson Limited and is
expected to be completed by Sunday 6th January 2002, following consultation
with transferring staff.



The anticipated consideration is payable in cash on completion and is subject
to adjustment following the results of a completion stocktake.  Speedy Hire's
irrevocable offer will lapse if it is not accepted by 5.00pm on Sunday 6th
January 2002.





Information on the Hire Branches



The Hire Branches consist of the entire trade, certain assets and staff of
Jewson Limited's stand-alone tool and equipment hire branches.  20 branches
are located in the South West of England, 14 in Greater London and 3 in the
Home Counties.  In the year ended 31 December 2000 the unaudited turnover and
operating profit before central costs of the Hire Branches were approximately
£17.9 million and £1.8 million respectively.  The expected value of the net
assets to be acquired is approximately £12.3 million.





Background to and benefits of the transaction



A key element of Speedy Hire's strategy has been to strengthen its nationwide
branch network through a combination of greenfield expansion and bolt-on
acquisitions.  The acquisition of the Hire Branches would reinforce Speedy
Hire's existing position in the South East and significantly strengthen its
operations in the South West.



Following the transaction Speedy Hire would concentrate on integrating the
acquired business and would slow the rate of greenfield expansion during the
next financial year.



Based on Speedy Hire's experience of acquiring and integrating businesses in
the tool hire sector, the Board is confident that the proposed acquisition
enhances the group's future prospects.




David Wallis, the Chairman of Speedy Hire commented:



'2001 was a transitional year for Speedy Hire and following the successful
refocusing of the group solely on hire services, I am delighted to announce
the proposed acquisition of Jewson's stand-alone hire operations.  The
acquisition would complement Speedy Hire's existing business extremely well
and greatly enhance our UK network, particularly in the South West.



The completion of the acquisition would bring the total number of Speedy
branches to over 250 and enable us to provide an even better service to the
major contractors who are increasingly seeking to obtain their tool hire
requirements from a single source.'



A further announcement will be made in due course.



For further information:



Speedy Hire Plc

John Brown (Chief Executive Officer) 01942 720000

Neil O' Brien (Finance Director) 01942 720000



Binns & Co Public Relations

Brian Coleman-Smith 020 7786 9600