Acquisition

Speedy Hire PLC
02 August 2004

2 August 2004





                                Speedy Hire Plc

                                ('Speedy Hire')

               Acquisition of Multi Group's Tool Hire Operations





Speedy Hire announces the acquisition of the tool hire business and certain
assets of Multi Group PLC and its subsidiaries (the 'Business').  The Business
is one of the UK's largest tool hire organisations and has depots in major urban
conurbations including Birmingham, Greater London, Leeds, Liverpool and
Manchester.



The consideration is £7.15 million in cash, of which £5.65 million was paid on
completion with the balance being retained in escrow pending the outcome of a
post completion asset verification exercise.  Unaudited net assets of
approximately £4.8 million have been acquired.



Speedy Hire has acquired all 10 of the Business' tool hire depots and these will
be integrated into Speedy Hire's existing network.  Speedy Hire has also
acquired 23 temporary on-site tool hire facilities located on large, long-term
construction projects throughout the UK.



In the year ended 31 December 2003, Multi Group PLC's turnover and operating
loss on continuing activities were approximately £11.3 million and £2.0 million
respectively.  Approximately £1.9 million of this loss was accounted for by
non-recurring and one-off costs related to fixed asset impairment, share
options, an aborted fundraising and professional fees.  In addition, Speedy Hire
is not acquiring certain costs relating to the head office of Multi Group PLC.



Multi Group PLC's profit before tax figure is not relevant as this includes
non-tool hire businesses which Multi Group PLC disposed of to third parties
earlier in 2004.



The Business will be rebranded as Speedy Hire.  The introduction of Speedy
Hire's operating model and investment in the Business' hire fleet will drive
improvements in its performance.



John Brown, Chief Executive, said:



'The acquisition of Multi Group's tool hire business further enhances Speedy
Hire's market share and national tool hire network, especially in a number of
key urban areas previously identified for greenfield expansion.



We continue to pursue carefully targeted infill acquisitions and greenfield site
openings so as to improve further the national service that we offer our
customers.'



                             www.speedyhire.plc.uk



                                     -ends-




Speedy Hire Plc                           gcg hudson sandler

John Brown, Chief Executive

Neil O'Brien, Group Finance Director      Nick Lyon/James Benjamin

Tel:  [phone]                       Tel:  [phone]



Note to editors:



Speedy Hire is a leading provider of equipment hire services to UK contractors
and builders, industry, utilities and the public sector, operating from 300
depots throughout the country.  The Group is focused primarily on tool hire,
with complementary businesses specialising in portable accommodation, surveying,
lifting and power generation equipment.




                      This information is provided by RNS
            The company news service from the London Stock Exchange