21.07.2009

Speedy lines up Mid East

Speedy hire, the UK’s largest tool and equipment rental company has signed a Memorandum of Understanding with Al Futtaim Carillion, to provide equipment, asset management and site support services to Al Futtaim Carillion’s operations across the region.

Steve Corcoran, Speedy’s chief executive said: “This demonstrates the success of our strategy of developing even closer relationships with our chosen partners. We have had a Speedy implant team working with Carillion’s local management in the UAE for the last six months to understand better its business and develop new ways of working that will support Carillion’s growth in the Middle East.”

“We see attractive long term growth opportunities in the region and are delighted that this agreement provides an opportunity for us to extend the scope of our activities with
Carillion outside the UK.”

“Our relationship with Carillion demonstrates that by working with customers more intimately and with a long-term perspective, Speedy can add tangible long-term value. We expect this initiative to provide an excellent platform to extend our services to other customers across the Middle East and other geographic territories over time.”

Vertikal Comment

While this is a one client agreement with UK contractor Carillion’s joint venture operation in the Middle East. It provides a base for Speedy which will allow it to learn more about the market and then start opening its offerings up to other contractors.

Speedy, like most other UK based tool hire/general rental companies, has avoided any ‘overseas’ expansion limiting its operations to the UK and Ireland. This has left the field clear for companies such as Rami Rent, Cramo, Boels and to a lesser extent Loxam, a free run.

Expect Speedy to be a full service Middle East equipment rental company within three years, and that this is likely to provide the test case for expansion into other markets.