22nd Apr 2005 07:02
Speedy Hire PLC22 April 2005 22 April 2005 Speedy Hire Plc ("Speedy Hire") Acquisition of Birse Group plc's Temporary Accommodation Hire Operations and Establishment of a Five Year Supply Contract Speedy Hire announces the acquisition of the business and certain assets of TheCabin Company Limited ("TCCL"), a wholly owned subsidiary of Birse Group Plc,for a maximum cash consideration of £6.25 million. TCCL is a North West basedtemporary accommodation hire business operating a hire fleet of approximately950 portable accommodation units. The business hires both to Birse Group and tothird party customers in the construction and civil engineering sectorsthroughout the UK. The acquisition will be fully integrated into Speedy Space and includes afive-year exclusive national supply and services agreement for temporaryaccommodation with Birse Group. TCCL has particular expertise in providingcustomers with added-value site set-up services and extends the service offeringof Speedy Space. The acquisition will improve the Group's profile in the CivilEngineering sector and will also establish a presence for Speedy Space inManchester. Turnover and operating profit attributable to TCCL for the year ended 30 April2004 were approximately £4.8 million and £0.7 million respectively. As at 31October 2004, Birse Group's net book value of the net assets being acquired was£4.6 million. The acquisition is subject to approval by Birse Group shareholders. Completionis expected to take place in early May. Steve Corcoran, Chief Executive said: "This acquisition will provide Speedy Space and other Group businesses withaccess to a number of new customers and is consistent with our strategy ofpursuing national, long-term agreements with major construction companies. Itwill enhance Speedy Space's ability to provide a national service andstrengthens our presence in Manchester." www.speedyhire.plc.uk -ends- Speedy Hire Plc gcg hudson sandler Steve Corcoran, Chief Executive Nick Lyon/James Benjamin Neil O'Brien, Group Finance Director Tel: 020 7796 4133 Tel: 01942 720 000 Note to editors: Speedy Hire is a leading provider of tool and equipment hire services to UKcontractors and builders, industry, utilities and the public sector, operatingfrom over 300 depots throughout the country. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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