Speedy Hire Plc strengthens powered access offering with £13m double acquisition

Tools, equipment and plant hire services company Speedy Hire Plc has this morning (November 24) announced two multi-million pound acquisitions.

The Merseyside-based firm snapped up Taunton-headquartered Prolift Access Limited, a £7.9m-revenue business with a fleet of around 770 access platforms and a workforce of 72 employees.

Speedy paid a £5.9m cash consideration for the company, with a net debt of £5.5m assumed.

Also acquired is Midlands-based Platform Sales & Hire Limited (PSHL). Operating from facilities in Milton Keynes and Birmingham, PSHL has a fleet of approximately 850 access platforms and 64 staff.

In its latest results, the business posted a revenue of £9.3m. The deal cost Speedy £7.1m, along with a net debt assumed of £3.6m.

Russell Down, chief executive of Newton-le-Willows based Speedy, said: “These acquisitions strengthen our powered access offering and allow us to better serve our customers through the core fleet.

“I warmly welcome both Prolift Access and Platform Sales & Hire employees to Speedy.”

A corporate team from law firm Addleshaw Goddard advised Speedy on the deals.

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