Acquisition

RNS Number : 4112X

Speedy Hire PLC

24 November 2017

 

                                 Speedy Hire Plc

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

Powered access acquisitions

24 November 2017

Speedy, the UK's leading tools, equipment and plant hire services company, operating across the construction, infrastructure and industrial markets, today announces that it has acquired the entire issued share capital of powered access specialists Prolift Access Limited ("Prolift") and Platform Sales & Hire Limited ("PSHL").

Prolift is based in the South West, operating from a head office in Taunton, with a fleet of approximately 770 access platforms and employing 72 people. Revenue for Prolift's financial year ended 31 December 2016 was £7.9m with EBITDA of £2.4m and gross assets of £12.1m. Cash consideration paid amounted to £5.9m with net debt assumed of £5.5m, following a property sale for £1.2m by Prolift to a company connected with one of the vendors.

PSHL is Midlands based, operating from centres in Milton Keynes and Birmingham, with a fleet of approximately 850 access platforms and employing 64 people. Revenue for PSHL's financial year ended 28 February 2017 was £9.3m with EBITDA of £2.4m and gross assets of £9.8m. Cash consideration paid amounted to £7.1m with net debt assumed of £3.6m.

The Group expects to realise both revenue and cost synergies from the acquisitions, which will allow Speedy to support an increased proportion of customer demand through its core fleet.

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

 "These acquisitions strengthen our powered access offering and allow us to better serve our customers through the core fleet. I warmly welcome both Prolift Access and Platform Sales & Hire 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

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 over 200 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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