Acquisition
01 September 2003 - 7:49PM
UK Regulatory
RNS Number:2168P
Speedy Hire PLC
01 September 2003
1 September 2003
Speedy Hire Plc
Acquisition of St. Vincent Plant ("SVP")
Speedy Hire announces the acquisition of the business and certain assets of SVP
for a cash consideration of #2.2 million. SVP is the hire business of the
Clugston Group, a sizable North Lincolnshire based private construction company.
SVP is a well-respected and successful business that operates from seven
branches in Yorkshire and Lincolnshire and will significantly strengthen Speedy
Hire's presence in the region.
Following the pattern of other successful transactions, Speedy Hire has entered
into a three year #1.1 million per annum trading agreement with Clugston Group.
This agreement significantly increases Speedy Hire's trade with the Clugston
Group.
John Brown, Chief Executive, said:
"We are pleased to have a long term relationship with such an established
company as Clugston Group. The new depots will strengthen our depot network and
this is another step towards our target of 400 depots in the UK"
-ends-
Speedy Hire Plc Hudson Sandler
John Brown, Chief Executive Nick Lyon / Wendy Baker
Neil O'Brien, Group Finance Director Tel: 020 7796 4133
Tel: 01942 720000
Notes to editors:
Speedy Hire is a leading provider of equipment hire services to UK contractors
and builders, industry, utilities and the public sector, operating from over 250
depots throughout the country. The Group is focused primarily on tool hire,
with complementary businesses specialising in portable accommodation, surveying,
lifting and power generation equipment.
This information is provided by RNS
The company news service from the London Stock Exchange
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