30th Jul 2007 08:57
Speedy Hire PLC30 July 2007 30 July 2007 Speedy Hire Plc ("Speedy Hire") Acquisition of Waterford Hire Services Limited Speedy Hire is pleased to announce the acquisition of Waterford Hire ServicesLimited ("Waterford Hire"). Waterford Hire is a long standing, well-respected, independent tool andequipment hire business with 31 employees operating from two depots in WaterfordCity and South Kilkenny in South East Ireland. The acquisition adds to SpeedyHire's existing depots in Northern Ireland and the Republic of Ireland, whichare now in their second full year of operation. The consideration for the acquisition is a maximum of €6.5 million. Of this€5.2 million is in cash, with the balance to be satisfied by the issue of amaximum of 74,587 Speedy Hire shares on 29 February 2008 depending uponWaterford Hire's performance in its financial year ending 31 December 2007. Steve Corcoran, Chief Executive, Speedy Hire Plc said: "We are pleased to be building on the good start that we have made in Irelandwhere both the demand for our products and the growth prospects are strong.Through our current depots and the addition of Waterford Hire, Speedy Hire willbe well place to capitalise on the significant infrastructure investmentexpected in the South East of Ireland over the coming years". For further information: Speedy Hire Plc Hudson SandlerSteve Corcoran, Chief Executive Wendy BakerMike McGrath, Commercial Director Kate HoughTel: 01942 720 000 Tel: 020 7796 4133 Website: www.speedyhire.plc.uk Notes to Editors: Speedy Hire is the UK's No.1 provider of tools and equipment for hire. TheCompany operates from over 350 depots throughout the UK. The Group alsooperates in the Republic of Ireland. The Group's activities are the provision for hire of small tools, portableaccommodation, compressed air, pumps, lifting, 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