Speedy Hire buys Lloyds British Testing
Tools, equipment and plant hire services company Speedy Hire has bought specialist lifting equipment business Lloyds British Testing from administrator PwC for undisclosed sum.
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Speedy said Lloyds complements its existing lifting, testing and training businesses and will enhance the company’s overall offering to its customers. Pro-forma earnings before interest, taxes, depreciation and amortisation for the year to the end of December are expected to amount to approximately £1m.
Around 200 Lloyds employees will join Speedy from across the existing network of 12 Lloyds British offices.
Chief executive Russell Down said: “This acquisition gives us the ability to provide enhanced training, testing and lifting services to our customers, and realise synergies with our existing lifting business. I would like to warmly welcome Lloyds British employees to Speedy."
At 0855 GMT, Speedy shares were up 0.7% to 52.38p.