04.02.2004

Speedy acquires Dunfermline hire business

Speedy Hire has announced that it has acquired the business and certain assets of Pitreavie Tools Ltd for a cash consideration of £327,000.

Pitreavie was founded in 1988 by Mike and Caroline Williams who operated a typical tool hire range of equipment including trailer-mounted lifts and alloy scaffold towers. The company currently operates out of two depots in Livingston and Dunfermline. The depots will be integrated with the existing Speedy Scotland network.

Independently of this acquisition Speedy Hire also announced that it has signed a preferred supplier agreement with Costain and secured an enhanced preferred supplier agreement with Mowlem on a rolling basis for a minimum of three years.

John Brown, chief executive of Speedy Hire Plc said:
"These preferred supplier agreements with two important clients show how Speedy Hire continues to move ahead of its competitors in providing the high quality service customers demand.

"We are pleased to be able to strengthen the Speedy Scotland network with the acquisition of Pitreavie and will continue to look for infill acquisitions and greenfield sites throughout the UK."