HSS Hire Group PLC Sale of Laois Hire Services Limited (5912U)
April 07 2021 - 1:00AM
UK Regulatory
TIDMHSS
RNS Number : 5912U
HSS Hire Group PLC
07 April 2021
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement
7(th) April 2021
HSS Hire Group plc
("HSS" or the "Group")
Sale of Laois Hire Services Limited
HSS announces that it has entered into an unconditional
agreement to sell Laois Hire Services Limited ("Laois"), the
Group's Irish large plant hire business, to Briggs Equipment
Ireland Limited ("Briggs"), for a cash consideration of EUR11.2
million (the "Disposal").
The proceeds will be used to invest in the core Tool Hire
business in line with the Group's strategy. With Laois representing
around 4% of Group revenue for the year ended 28 December 2019, the
Directors believe that the consideration represents an attractive
valuation for shareholders.
As part of this transaction, HSS has entered into a commercial
agreement with Briggs for the cross hire of equipment to ensure the
broadest possible distribution of, and customer access to, the
parties existing fleets.
HSS expects to report its 2020 full year results week commencing
26(th) April 2021 and confirms that trading for the year was in
line with management expectations. The Group has seen encouraging
momentum during the first three months of 2021 and EBITDA for the
period to 3(rd) April 2021 is comfortably ahead of the comparable
prior year period.
Steve Ashmore, Chief Executive, commented:
"Over the last four years, we have made substantial progress
against all three of our strategic priorities: to delever the
Group, transform the Tool Hire business and strengthen our
commercial proposition. During this time we have transformed HSS to
a modern, agile, technology-driven business, improving trading,
reducing cost and increasing the overall profitability of the
Group. Today's announcement is another step forward on our
strategy, enabling us to increase focus on our core Tool Hire
business.
Laois has made a good contribution to the Group over recent
years and I would like to thank the team for their commitment. I am
very pleased that the business will be joining Briggs who recognise
its value and whose expertise will help it reach its full
potential.
Given HSS's existing partnership with Briggs, we will continue
to provide our customers in the Republic of Ireland with all of
their large plant requirements."
Notes:
Enquiries:
HSS Hire Group plc Tel: 020 3757 9248
Steve Ashmore, Chief Executive Officer Email: Investors@hss.com
Paul Quested, Chief Financial Officer
Greig Thomas, Head of Group Finance
Numis Securities Tel: 020 7260 1000
Stuart Skinner / George Price
Teneo (Public Relations Adviser) Tel: 020 3757 9248
Tom Davies / Charles Armitstead
Notes to editors:
About HSS Hire
HSS Hire Group plc provides tool and equipment hire and related
services in the UK and Ireland through a nationwide network and its
OneCall rehire business. It offers a one-stop shop for all
equipment through a combination of its complementary rental and
re-hire business to a diverse, predominantly B2B customer base
serving a range of end markets and activities. Over 90% of its
revenues come from business customers. HSS is listed on the AIM
Market of the London Stock Exchange. For more information please
see www.hsshiregroup.com
About Laois
Laois Hire Services Limited specialises in the sale and hire of
small plant equipment, including excavators, rollers, dumpers and
large pumps, across the Republic of Ireland serving a wide
multitude of sectors from Construction to Traffic Management. Laois
was acquired in 2005. As at 27(th) June 2020, Laois had total gross
assets of EUR10.6 million and made a loss before tax of EUR1.8
million for the year ended 28 December 2019.
About Briggs Equipment
Briggs Equipment is an engineering services and asset management
specialist that has transformed the contract hire of industrial
machinery. Operating throughout the UK & Ireland, Briggs has a
wide ranging proposition that extends beyond materials handling. In
addition to being the Hyster-Yale Group's exclusive UK distributor,
Briggs has many other strategic partnerships with suppliers that
provide industrial cleaning, aerial access, groundworks, plant and
machinery. For more information please visit
briggsequipment.co.uk
Disclaimer:
This announcement contains forward-looking statements relating
to the business, financial performance and results of HSS Hire
Group plc and the industry in which HSS Hire Group plc operates.
These statements may be identified by words such as "expect",
"believe", "estimate", "plan", "target", or "forecast" and similar
expressions, or by their context. These statements are made on the
basis of current knowledge and assumptions and involve risks and
uncertainties. Various factors could cause actual future results,
performance or events to differ materially from those described in
these statements and neither HSS Hire Group plc nor any other
person accepts any responsibility for the accuracy of the opinions
expressed in this presentation or the underlying assumptions. No
obligation is assumed to update any forward-looking statements.
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