.jpg)
Speedy Hire PLC, the tools, equipment and plant hire services company, operating across the construction, infrastructure and industrial markets, is pleased to announce that it has acquired the entire issued share capital of OHP Limited ("the OHP Group") for an initial cash consideration of £1.5 million, along with the assumption of net debt of c.£1.7 million. Contingent cash consideration of up to a further £0.8 million is payable, dependent on the future performance of the OHP Group.
The OHP Group employs 25 staff and primarily comprises Rail Hire (UK) Limited, a company specialising in the hire of overhead line equipment ("OLE") to the rail sector. The OHP Group also includes Crewe Plant Hire Limited, a tools and equipment hire business operating from premises in Crewe. The OHP Group's founder and Managing Director, Martin Davies, will remain with the business post-acquisition.
Consolidated revenues for the year ended 30 November 2015 were approximately £2.6 million, with normalised earnings before interest tax depreciation and amortisation of approximately £0.8 million. Rail Hire (UK) Limited has recently secured new contracts in the expanding OLE market and consequently revenues are expected to grow through the Company's next financial year. The acquisition, which is expected to be earnings enhancing in the first year following acquisition was funded from Speedy's existing cash and debt facilities(1).
The Board confirms that current trading is in line with its expectations as reported on 10 November 2015(1).
Russell Down, Chief Executive of Speedy, commented:
"I am delighted to announce this acquisition which will help expand our business in this specialist sector of a growing UK rail market and further enhance our market position."
- 2021
- 2020
- December 2020 (2)
- November 2020 (5)
- September 2020 (4)
- June 2020 (3)
- May 2020 (1)
- March 2020 (2)
- February 2020 (1)
- January 2020 (1)
- 2019
- 2018
- 2017
- December 2017 (1)
- November 2017 (2)
- October 2017 (1)
- September 2017 (1)
- August 2017 (4)
- July 2017 (4)
- June 2017 (5)
- May 2017 (2)
- April 2017 (2)
- March 2017 (1)
- January 2017 (11)
- 2016
- December 2016 (3)
- November 2016 (1)
- October 2016 (1)
- August 2016 (2)
- July 2016 (3)
- June 2016 (2)
- May 2016 (7)
- February 2016 (1)
- 2015
- 2014
- September 2014 (1)
- August 2014 (3)
- July 2014 (14)
- June 2014 (1)
- May 2014 (10)
- April 2014 (19)
- March 2014 (1)
- February 2014 (2)
- January 2014 (1)
- 2013
- November 2013 (4)
- October 2013 (1)
- September 2013 (18)
- August 2013 (2)
- July 2013 (2)
- June 2013 (1)
- May 2013 (6)
- April 2013 (5)
- March 2013 (8)
- February 2013 (1)
- January 2013 (2)
- 2012
- December 2012 (1)
- November 2012 (2)
- October 2012 (5)
- September 2012 (2)
- August 2012 (3)
- July 2012 (4)
- June 2012 (6)
- May 2012 (6)
- April 2012 (6)
- March 2012 (2)
- February 2012 (2)
- January 2012 (1)
- 2011
- December 2011 (4)
- November 2011 (2)
- October 2011 (4)
- September 2011 (1)
- July 2011 (6)
- June 2011 (15)
- May 2011 (5)
- April 2011 (1)
- March 2011 (6)
- February 2011 (1)
- 2010


