01.03.2005

Speedy snap up Lloyds British Hire

Speedy Hire has purchased the assets of Lloyds British Hire for £3.1 million. The acquisition covers the lifting gear rental fleet and includes six Lloyds branches, which will take the number of Speedy lifting depots to 30.

The Lloyds Brtiish Hire rental fleet includes High Tonnage Modular Beams, Cylinders, Air Hoists, Winches and Heavy Duty Cylinders and Rams.

Managing Director of Speedy Lifting Mark Whitworth, said: “By combining the additional product range and tradition of Lloyds with the customer service, logistical expertise and of Speedy, we now have the resources to deliver what we believe is the next generation in lifting hire services for our customers.

“For Speedy Lifting, it underlines our position as the market leader and aids us in expanding our customer base, accelerating our expansion into non-construction markets as well as increasing our geographic coverage to further enhance our service to customers.”

The lifting gear fleet represents around a quarter of Lloyds British Testing Plc total revenues, the proceeds will be used to reduce group debt.