HSS Hire completes disposal of UK Platforms business

HSS Hire confirmed the completion of the disposal of its UK Platforms business to Nationwide Platforms - a wholly-owned subsidiary of the Loxam Group - for a total enterprise value of £60.5m on Monday.

The London-listed firm said that as at 29 December, UK Platforms was expected to have total gross assets of between £35m and £37m, and EBITDA in the range of £11m to £12m.

It said the proceeds from the transaction would be used to reduce debt, and enable greater focus on the tool hire business.

Group leverage would reduce in line with expectations.

“The disposal was originally announced on 19 July and further details were set out in a circular sent to the Company's shareholders on 20 July,” the HSS board said in its statement.

“The disposal was approved by the company's shareholders at the general meeting held on 7 August.”