Acquisition

Speedy Hire PLC
16 August 2004

16 August 2004


                                Speedy Hire Plc
                         ('Speedy Hire' or the 'Group')

                         Acquisition of Coates Rentair


Speedy Hire announces the acquisition of the business and certain assets of
Coates Rentair for a maximum cash consideration of £6.65 million.  Coates
Rentair is a leading hire provider of specialist air compressors, power
generation equipment and lighting towers.  Coates Rentair comprises the entire
UK onshore hire operations of Coates Hire Limited, an Australia-based
international equipment hire firm.


The acquisition will be integrated into Speedy Power and will make it the market
leader in the UK.  Coates Rentair will provide Speedy Power and other Group
businesses with access to new customers and it has particular expertise in the
industrial on-site services sector.  This acquisition also reduces Speedy
Power's requirement for greenfield openings.


In the year ended 30 June 2004, the unaudited turnover and operating profit
attributable to the net assets being acquired were approximately £9.6 million
and £0.3 million respectively.  As at 30 June 2004, Coates Rentair's book value
of the net assets being acquired was approximately £7.6 million.


Speedy Hire has acquired all 8 of Coates Rentair's hire depots together with 2
on-site facilities associated with industrial service contracts.  Speedy Power
will undertake significant investment in Coates Rentair to improve its
performance and service to customers.


John Brown, Chief Executive, said:


'Speedy Power has delivered rapid and profitable growth and the acquisition of
Coates Rentair materially increases the business' scale and positions it as the
UK's market leader.  This acquisition gives Speedy Power and other group
businesses access to new customers, will enable us to provide a superior
national service to customers and reduces the need for future greenfield
openings.'



                             www.speedyhire.plc.uk

Speedy Hire Plc                                       gcg hudson sandler


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 over 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.


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