Acquisition

RNS Number : 3239K

Speedy Hire PLC

13 December 2018

 

Speedy Hire Plc

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

Training acquisition

13 December 2018

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 training provider Geason Holdings Limited ("Geason") from Ian and Robert Kilpatrick and connected family trust companies.

Geason is a leading provider of construction and professional services training across the UK, operating from a head office in Glasgow, with over 1,100 apprentices and 500 NVQ learners currently on programmes. Geason's unaudited accounts for the twelve months to 31 October 2018 reported revenue of £8.3m, EBITA of £1.7m and gross assets of £2.6m.

Cash consideration paid on completion amounted to £9.0m with net cash assumed of £0.3m.  Contingent consideration of up to £26.0m may be payable in cash based on a multiple of 3.25x EBITA, dependent on the combined performance of Geason and Speedy's training business in the three years post acquisition.

The acquisition will allow the Group to better support its customers in training and developing their staff and accelerate the growth of Speedy's services businesses.  

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

"This acquisition expands our training services offering and allows us to deliver flexible, progressive training programmes to support customers across the UK. I warmly welcome Ian, Robert and Geason employees to Speedy."

Enquiries:

Speedy Hire Plc	Tel: [phone]
Russell Down, Chief Executive
Chris Morgan, Group Finance Director
MHP Communications	Tel: [phone]
Oliver Hughes Andrew Jaques Ollie Hoare Luke Briggs

 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 certified 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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