Merseyside firm Speedy Hire sells off large mechanical fleet in eight-figure deal

Speedy Hire, the Merseyside-headquartered provider of tool, equipment and plant-hire services, has this morning (August 26) announced the sale of its large mechanical plant fleet for £14.4m.

The fleet includes assets such as excavators, dumpers and ride-on rollers weighing three tonnes or more, generating a revenue of around £3.2m and EBITDA of £1.9m in the year ending July 31 2016.

Further, Speedy has entered a five-year, large plant re-hire agreement with the acquirer of the fleet, Middlesex firm Ardent Hire Solutions Limited, with the option of extending the deal by two years.

Newton-le-Willows-based Speedy, which has assets with a gross book value of £15.5m, plans to use the eight-figure boost to reduce its debt.

Russell Down, the chief executive of Speedy, said of the disposal: “I am pleased that we have been able to conclude this agreement which both guarantees continuity of supply to our customers and will enhance our return on capital.

“The disposal is consistent with our strategy of focusing on core operations and further strengthening the group’s balance sheet.”