30.07.2007

Speedy takes Waterford

Speedy Hire, the UK’s fastest growing tool and general rental company, has acquired Waterford Hire in Ireland.

Waterford based Waterford Hire has two locations, 31 staff and a sizeable powered access rental fleet. The company is owned and managed by Eamon McKenna.

Speedy has paid up to €6.5 million, of which €5.2 million is in cash, with the balance to be satisfied by the issue of up to 74,587 Speedy Hire shares on 29 February 2008 depending upon Waterford Hire’s performance in its financial year ending 31 December 2007.

Waterford will join Speedy’s existing depots in southern and Northern Ireland.


Steve Corcoran, chief executive of Speedy Hire said:

“We are pleased to be building on the good start that we have made in Ireland where both the demand for our products and the growth prospects are strong.

Through our current depots and the addition of Waterford Hire, Speedy Hire will be well place to capitalise on the significant infrastructure investment expected in the South East of Ireland over the coming years”.