Acquisition

28 Feb 2005 07:03

Speedy Hire PLC28 February 2005 28 February 2005 Speedy Hire Plc Acquisition of the hire division of Lloyds British Testing Plc ("Lloyds British Hire") Speedy Hire announces the acquisition of the business and certain assets ofLloyds British Hire for a maximum cash consideration of £3.1 million. Theacquisition comprises the entire lifting and tool equipment rental business ofLloyds British Testing Plc but excludes its powered access equipment hirebusiness. Lloyds British Hire is a long established and well respected hirer of liftingequipment, which has particular strength in the industrial services sector. Itsacquisition will further consolidate Speedy Lifting as market leader andaccelerate the opportunities for the Group in non-construction markets. The acquisition will provide Speedy Lifting with six depots in areas previouslyidentified by the Group for greenfield expansion. For the year ended 31December 2004, the unaudited turnover and operating profit attributable to thenet assets being acquired were £4.2 million and £0.3 million respectively. As at31 December 2004, the book value of the net assets being acquired wasapproximately £2.8 million. John Brown, Chief Executive, said: "The acquisition of Lloyds British Hire further consolidates Speedy Lifting'smarket leading position. It provides Speedy Hire with access to new customersand accelerates the Group's expansion into non-construction markets. Theaddition of six depots to the Speedy Lifting network extends our geographiccoverage and enhances our service offering to customers."-ends- www.speedyhire.plc.uk Speedy Hire Plc gcg hudson sandlerNeil O'Brien, Group Finance Director Nick Lyon / James BenjaminTel: 01942 720 000 Tel: 020 7796 4133 Note to editors: Speedy Hire is the number one provider of equipment hire services in the UK,operating from over 300 depots throughout the country. The Group is focusedprimarily on tool hire, with complementary businesses specialising in portableaccommodation, lifting equipment, surveying and measurement instruments andcompressed air and power generating equipment. This information is provided by RNS The company news service from the London Stock Exchange