Speedy Hire PLC Acquisition (3239K)
December 13 2018 - 1:00AM
UK Regulatory
TIDMSDY
RNS Number : 3239K
Speedy Hire PLC
13 December 2018
Speedy Hire Plc
("Speedy", "the Company" or "the Group")
Training acquisition
13 December 2018
Speedy, the UK's leading tools, equipment and plant hire
services company, operating across the construction, infrastructure
and industrial markets, today announces that it has acquired the
entire issued share capital of training provider Geason Holdings
Limited ("Geason") from Ian and Robert Kilpatrick and connected
family trust companies.
Geason is a leading provider of construction and professional
services training across the UK, operating from a head office in
Glasgow, with over 1,100 apprentices and 500 NVQ learners currently
on programmes. Geason's unaudited accounts for the twelve months to
31 October 2018 reported revenue of GBP8.3m, EBITA of GBP1.7m and
gross assets of GBP2.6m.
Cash consideration paid on completion amounted to GBP9.0m with
net cash assumed of GBP0.3m. Contingent consideration of up to
GBP26.0m may be payable in cash based on a multiple of 3.25x EBITA,
dependent on the combined performance of Geason and Speedy's
training business in the three years post acquisition.
The acquisition will allow the Group to better support its
customers in training and developing their staff and accelerate the
growth of Speedy's services businesses.
Commenting on the acquisition, Russell Down, Chief Executive of
Speedy, said:
"This acquisition expands our training services offering and
allows us to deliver flexible, progressive training programmes to
support customers across the UK. I warmly welcome Ian, Robert and
Geason employees to Speedy."
Enquiries:
Speedy Hire Plc Tel: 01942 720 000
Russell Down, Chief Executive
Chris Morgan, Group Finance Director
MHP Communications Tel: 0203 128 8778
Oliver Hughes
Andrew Jaques
Ollie Hoare
Luke Briggs
Inside Information: This announcement contains inside
information.
Forward looking statements: The information in this release is
based on management information. This report includes statements
that are forward looking in nature. Forward looking statements
involve known and unknown risks, assumptions, uncertainties and
other factors which may cause the actual results, performance or
achievements of the Group to be materially different from any
future results, performance or achievements expressed or implied by
such forward looking statements. Except as required by the Listing
Rules and applicable law, the Company undertakes no obligation to
update, revise or change any forward looking statements to reflect
events or developments occurring after the date of this report.
Notes to Editors: Founded in 1977, Speedy is the UK's leading
provider of tools, equipment and plant hire services to a wide
range of customers in the construction, infrastructure and
industrial markets, as well as to local trade and industry. The
Group provides complementary support services through the provision
of training, asset management and compliance services. Speedy is
certified nationally to ISO50001, ISO9001, ISO14001 and OHSAS18001.
The Group operates from over 200 fixed sites across the UK and
Ireland together with a number of on-site facilities at client
locations throughout the UK, Ireland and from an international
office based in Abu Dhabi.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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