Lifting Gear Hire also provides a full range of test and inspection, calibration and training services to customers in the industrial and construction sectors. It operates from 34 UK depots employing 309 people, with a further 26 at its head office in the North West of England. The total consideration, subject to completion accounts, is £13.5m - comprising £7.6m in cash, the assumption of an estimated £3.4m of debt on completion, and £2.5m of shares in Speedy Hire.
For the 10 months ended 30 April 2006, Lifting Gear Hire reported audited turnover of £16.2m, with audited net assets as at the year end of £2.3m. Speedy Hire says it has a planned investment programme to bring the performance of the business in line with other Speedy Hire businesses over the next 18 months.
Steve Corcoran, chief executive says: "The combination of Speedy Hire's hire expertise and Lifting Gear Hire's technical reputation will produce an unrivalled ability to provide equipment and services to fulfil customer requirements across the broad spectrum of customer industries, product requirements and geographical locations."
He continued: "I am pleased to welcome all employees of Lifting Gear Hire to Speedy Hire and I look forward to continued growth within the enlarged lifting business."
(Chris Henry)
