23.10.2008

Vp buys in Brighton

Vp owner of UK Forks, the telehandler rental company has acquired Power Tool Supplies of Brighton.

The company paid £1.1 million in cash for the outstanding shares of the tool hire business which had revenues last year of £2.3 million, with pre tax profit of £400,000.

On completion Power Tool Supplies had free cash deposits of £200,000 effectively reducing the cost to £900,000.

Jeremy Pilkington, chairman of Vp said: "PTS has been serving the Brighton area since 1983 and provides Hire Station with a high quality addition to its branch network."

Vp was formerly known as Vibroplant