Sale of surplus land

RNS Number : 5023R

Speedy Hire PLC

29 October 2019

 

Speedy Hire Plc

("Speedy")

Sale of surplus land

29 October 2019

Speedy, the UK's leading provider of tools and equipment hire, and services to the construction, infrastructure and industrial markets has sold its surplus land to Bellway Homes Ltd.  Acquired in 1994, this land, in the Birmingham area, had Green Belt restrictions removed in 2017.

The consideration of £4.0m was paid in cash in full at completion today. The land had a book value £0.1m and the resultant profit, after any related costs, will be recognised as an exceptional item in the full year accounts to 31 March 2020.

Commenting on the sale Russell Down, Chief Executive, said:

"We are pleased to have completed the sale of this asset to a natural new owner in the shape of Bellway Homes Ltd.  The disposal makes strategic and financial sense for Speedy and the proceeds will be used to benefit the core operations, in line with our capital allocation priorities."

Enquiries:

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

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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