Disposal

Speedy Hire PLC
27 November 2001




Speedy Hire Plc
27 November 2001

FOR RELEASE AT 7.00AM

                       Speedy Hire Plc  ('Speedy Hire')

                Sale of Ryan Utility Services Limited ('Ryan')



The board of Speedy Hire is pleased to announce that it has today completed
the sale of the entire issued share capital of Ryan to Alfred McAlpine Support
Services & Investments Limited, a subsidiary of Alfred McAlpine PLC
('McAlpine').  The aggregate enterprise value of the sale is approximately £
12.9 million and this disposal completes Speedy Hire's programme of exiting
non core businesses to focus on hire services.



The consideration received for the entire issued share capital of Ryan was £
5.6 million in cash on completion.  Additionally, McAlpine will repay inter
group debt of £0.2 million and has assumed third party borrowings in respect
of Ryan of approximately £7.1 million.



Speedy Hire will also receive royalty payments based on future sales of
Micropaste (a pipe lining product which is being developed by Ryan) in the
event that the product proves to be a commercial success.  No sales of
Micropaste have yet been secured and future royalty payments in respect of
Micropaste are unlikely to be material in the context of the group.



Background to and benefits of the transaction



Ryan is a provider of high quality construction, repair, maintenance and
rehabilitation services to water, gas and electricity companies and employs
approximately 900 people.  In the year ended 31 March 2001 Ryan's turnover and
pre tax loss were £52.8 million and £1.6 million respectively.  As at 31 March
2001 Ryan's net assets were £0.1 million.



On 14 February 2001, Speedy Hire (then called Allen Plc) announced its
intention to focus on hire services through the phased disposal over time of
all group assets not related to this market.  On 30 July 2001 Speedy announced
that Ryan had reached a satisfactory agreement regarding a contractual issue
with a major customer.  Following this agreement the board completed a
strategic review of Ryan and commenced a competitive sale process.



The sale of Ryan enables Speedy Hire to focus the group's resources solely on
hire services and in the short term the disposal proceeds will be used to
reduce bank debt.  In the longer term the disposal proceeds will be used to
expand the group's hire operations.



David Wallis, the Chairman of Speedy Hire commented:



'2001 has been a year of significant change for the group.  At the start of
the year Speedy Hire's activities included hire services, building contracting
and utility services.  Following the disposal of the building contracting
division in June 2001, the disposal of Ryan has achieved the board's strategy
of refocusing Speedy Hire solely on hire services.  We thank our former
employees for their services and wish them every success for the future.'




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