Fox Brothers enters the rental market
UK haulage and construction materials supplier Fox Brothers has acquired regional rental company Clive Hurt Plant Hire, from Clive and Richard Hurt in what it describes as a “multi-million pound deal”.
In addition to its trucking business, Fox supplies concrete and aggregates, while offering a wide range of contracting services from recycling to demolition and earthmoving. It says that the acquisition will create a business with an annual revenues close to £50 million, with around 320 employees. Fox operates from two locations in the Blackpool area, while Clive Hurt works out of four locations in the North West England and Wales. It runs a mixed fleet of around 400 machines including telehandlers and excavators.
The business will continue to operate under their existing brands and locations while the management team will be led by Paul Fox, Alan Fox, John Flood, Lee Stringer and Richard Hurt, while Clive Hurt will remain in the business. The property arm of Fox brothers will also purchase the Clive Hurt Plant’s depot in Leyland.
Clive Hurt Plant Hire had revenues last year of £25.6 million with a pre-tax profit of £2.5 million down from almost £4 million in 2018. Total assets are £33 million, while the company has a net worth of £25.7 million.
Managing director Paul Fox said: “This acquisition is an incredible opportunity to unlock the potential of both businesses. Even before this deal we were considered leaders in our respective fields, now, it will create further opportunities for the two firms to take advantage of. We both have strong skillsets that can be brought together very effectively.”
“We will be one of the main providers of earthworks and aggregates transport in the North West and we will be able to provide a ‘one stop shop’ solution for housebuilders, infrastructure, construction and civils contractors. We will also have the capability to tackle larger and more complex engineering projects.”
“Fox is a data driven business with fleet optimisation at the core of our operations. There is significant growth potential for the Group by improving efficiencies across the whole fleet. The acquisition will also significantly enhance the combined group’s buying power for wagons, plant, equipment, fuel, tipping and aggregates.”
“Looking further ahead our plan is to continue to grow both organically and through selective acquisitions. This is a special deal for our family because we are building on the foundations established by my grandfather HF Fox who built the business. He passed away in 2007 but his legacy lives on and I am sure he would be proud of what we have achieved.”