Speedy Hire PLC Acquisition (1679S)
19 December 2016 - 6:00PM
UK Regulatory
TIDMSDY
RNS Number : 1679S
Speedy Hire PLC
19 December 2016
Speedy Hire Plc
('Speedy', 'the Company' or 'the Group')
ACQUISITION
Speedy, the UK's leading tools, equipment and plant hire
services company, operating across the construction, infrastructure
and industrial markets, is pleased to announce that it has acquired
the brand, business and assets of Lloyds British Testing Ltd
("Lloyds British") from the Administrator, PwC .
Lloyds British is a specialist business, which carries out
testing, certification, and inspection of lifting equipment, and
training from locations across the United Kingdom. The Lloyds
British operations date back to 1812 and for over 200 years the
name Lloyds British has been synonymous with the best in lifting
equipment engineering. Approximately 200 Lloyds British Testing
employees will be joining Speedy from across the existing network
of 12 Lloyds British offices.
Lloyds British complements Speedy's existing lifting, testing
and training businesses and will enhance Speedy's overall offering
to its customers. Pro-forma normalised EBITDA for the year ending
31 December 2016 will amount to approximately GBP1m.
Commenting on the acquisition, Russell Down, Chief Executive of
Speedy, said:
"This acquisition gives us the ability to provide enhanced
training, testing and lifting services to our customers, and
realise synergies with our existing lifting business. I would like
to warmly welcome Lloyds British employees to Speedy."
Enquiries:
Speedy Hire Plc Tel: 01942 720 000
Russell Down, Chief Executive
Chris Morgan, Group Finance Director
Instinctif Partners Tel: 020 7457 2020
Mark Garraway
James Gray
Notes:
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 206 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.
About PwC - At PwC, our purpose is to build trust in society and
solve important problems. We're a network of firms in 157 countries
with more than 223,000 people who are committed to delivering
quality in assurance, advisory and tax services. Find out more and
tell us what matters to you by visiting us at www.pwc.com
PwC refers to the PwC network and/or one or more of its member
firms, each of which is a separate legal entity. Please see
www.pwc.com/structure for further details. (c)2016
PricewaterhouseCoopers. All rights reserved.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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