30th Oct 2006 07:02
Speedy Hire PLC30 October 2006 30 October 2006 Speedy Hire Plc ("Speedy Hire") Acquisition of Lifting Gear Hire Limited Speedy Hire is pleased to announce the acquisition from the Parkinson family ofthe entire issued share capital of Lifting Gear Hire Limited ("Lifting GearHire"), a specialist provider for the hire of lifting equipment and associatedservices including the repair, maintenance, testing and inspection of liftingequipment. Total consideration, subject to completion accounts, is £13.5million. The consideration comprises £7.6 million in cash, the assumption ofestimated debt of £3.4 million on completion and £2.5 million satisfied by theissue of 242,954 shares in Speedy Hire (the "Consideration Shares"). Lifting Gear Hire is the UK's leading independent hirer of lifting equipment tothe on-shore market. The business also provides a full range of test andinspection, calibration and training services to customers in the industrial andconstruction sectors. Lifting Gear Hire operates from 34 UK depots where itemploys 309 people A further 26 are based at its head office in the North Westof England. For the 10 months ended 30 April 2006 Lifting Gear Hire reported auditedturnover of £16.2 million with audited net assets as at the year end of£2.3million. The acquisition will be marginally earnings dilutive in the currentfinancial year but Speedy Hire has a planned investment programme to bring theperformance of the business in line with other Speedy Hire businesses over thenext 18 months. Application has been made to the UK Listing Authority and the London StockExchange for the admission of the Consideration Shares. Admission of theConsideration Shares, which will rank pari passu in all respects with theexisting shares in issue, is expected to become effective on 2nd November 2006. Steve Corcoran, Chief Executive said: "Lifting Gear Hire has long been regarded as the leading brand providing liftingequipment hire, especially in the industrial services and manufacturing sectors.Its operations and customer base are highly complementary to Speedy Hire'sexisting specialist lifting business. "The combination of Speedy Hire's hire expertise and Lifting Gear Hire'stechnical reputation will produce an unrivalled ability to provide equipment andservices to fulfil customer requirements across the broad spectrum of customerindustries, product requirements and geographical locations". "I am pleased to welcome all employees of Lifting Gear Hire to Speedy Hire and Ilook forward to continued growth within the enlarged lifting business." -ends- www.speedyhire.plc.uk Speedy Hire Plc Hudson SandlerSteve Corcoran, Chief Executive Kate Hough/Beth MurrayNeil O'Brien, Group Finance DirectorTel: 01942 720 000 Tel: 020 7796 4133 Note to editors: Speedy Hire is the UK's No.1 provider of tools and equipment for hire. TheCompany operates from over 300 depots throughout the UK. The Group has anoperation in the Republic of Ireland. The Group's activities are the provision for hire of small tools, portableaccommodation, compressed air, pumps, lifting and material handling, survey andmeasurement instrumentation and power generation equipment. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Speedy Hire