17th Nov 2025 11:08
(Alliance News) - HSS Hire Group PLC and Speedy Hire PLC on Monday confirmed they have completed the agreement announced back in October for Speedy Hire to provide services to a revamped and renamed HSS Hire, in which it will hold an equity stake.
HSS Hire said it will change its name to ProService Building Services Marketplace PLC from Tuesday, with Speedy Hire becoming the equipment supplier to HSS ProService Ltd and HSS's Hire Service Co business sold off to investment funds managed by Endless LLP.
Following completion of the various agreements HSS said Steve Ashmore, executive chair of ProService, has resigned immediately "to pursue other interests", after eight years with the company. Also, at the end of his interim contract on January 30, Chief Financial Officer Richard Jones will leave the board and move to a part-time role until the end of March. Tom Shorten continues as chief executive officer of ProService, and Grieg Thomas as CFO of HSS ProService.
HSS said revenue for the continuing operations of ProService is expected to be broadly in line with market expectations of GBP274.8 million for the financial year ending on March 31, 2026. However, the agreement with Speedy Hire took longer than expected to complete, and this will result in additional costs.
HSS said the Speedy Hire deal will enhance its net margins and be earnings accretive from financial 2027.
HSS will release its interim results for financial 2026 in December.
For its part, Speedy Hire on Monday called the completion of the agreement with HSS a "significant milestone". The deal is worth GBP50 million to GBP55 million in annualised revenue to Speedy and will be "significantly earnings accretive" in the first full year following a period of integration, it said.
Speedy said it will provide an update on the HSS deal at its own interim results on November 26, which is Wednesday next week.
There have been no material changes to the agreement since it was announced in October, Speedy said. Under those terms, Speedy is paying GBP35 million to HSS, funded through existing resources, and HSS is issuing 79.4 million new shares to Speedy, giving Speedy just under a 10% stake in the renamed HSS company.
HSS shares were down 0.9% to 9.00 pence early Monday. They are up 45% over the past 12 months. The stock's exchange code will change to PRO from HSS as part of the name change. The company has a market capitalisation of GBP64.4 million.
Speedy Hire shares were up 4.6% to 26.89p, but the stock is down 8.1% over the past year. The company has a market cap of GBP124.2 million.
By Tom Waite, Alliance News editor
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