Acquisition

RNS Number : 1679S

Speedy Hire PLC

19 December 2016

 

Speedy Hire Plc

('Speedy', 'the Company' or 'the Group')

ACQUISITION

Speedy, the UK's leading tools, equipment and plant hire services company, operating across the construction, infrastructure and industrial markets, is pleased to announce that it has acquired the brand, business and assets of Lloyds British Testing Ltd ("Lloyds British") from the Administrator, PwC .

Lloyds British is a specialist business, which carries out testing, certification, and inspection of lifting equipment, and training from locations across the United Kingdom.  The Lloyds British operations date back to 1812 and for over 200 years the name Lloyds British has been synonymous with the best in lifting equipment engineering.   Approximately 200 Lloyds British Testing employees will be joining Speedy from across the existing network of 12 Lloyds British offices.

Lloyds British complements Speedy's existing lifting, testing and training businesses and will enhance Speedy's overall offering to its customers. Pro-forma normalised EBITDA for the year ending 31 December 2016 will amount to approximately £1m.

Commenting on the acquisition, Russell Down, Chief Executive of Speedy, said:

"This acquisition gives us the ability to provide enhanced training, testing and lifting services to our customers, and realise synergies with our existing lifting business. I would like to warmly welcome Lloyds British employees to Speedy."

Enquiries:

Speedy Hire Plc                                                                                     Tel: [phone]

Russell Down, Chief Executive

Chris Morgan, Group Finance Director

Instinctif Partners                                                                                 Tel: [phone]

Mark Garraway

James Gray

Notes:

Inside Information: This announcement contains inside information.

Forward looking statements: The information in this release is based on management information. This report includes statements that are forward looking in nature. Forward looking statements involve known and unknown risks, assumptions, uncertainties and other factors which may cause the actual results, performance or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Except as required by the Listing Rules and applicable law, the Company undertakes no obligation to update, revise or change any forward looking statements to reflect events or developments occurring after the date of this report.

Notes to Editors: Founded in 1977, Speedy is the UK's leading provider of tools, equipment and plant hire services to a wide range of customers in the construction, infrastructure and industrial markets, as well as to local trade and industry.  The Group provides complementary support services through the provision of training, asset management and compliance services. Speedy is accredited nationally to ISO50001, ISO9001, ISO14001 and OHSAS18001. The Group operates from 206 fixed sites across the UK and Ireland together with a number of on-site facilities at client locations throughout the UK, Ireland and from an international office based in Abu Dhabi.

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