Speedy Hire buys two powered access specialists for £13m

Based in the South West with a fleet of around 770 access platforms and 72 employees, Prolift generated revenue for the year to the end of December 2016 of £7.9m and earnings before interest, tax, depreciation and amortisation of £2.4m. Speedy paid £5.9m for the business in cash, with net debt assumed of £5.5m.

Meanwhile, it paid £7.1m in cash for Midlands-based Platform Sales & Hire, with net debt assumed of £3.6m. Revenue for PSHL's financial year ended 28 February 2017 was £9.3m, with EBITDA of £2.4m. The company has a fleet of around 850 access platforms and employs 64 people.

Speedy said it expects to realise both revenue and cost synergies from the acquisitions, which will allow it to support an increased proportion of customer demand through its core fleet.

Chief executive Russell Down said: "These acquisitions strengthen our powered access offering and allow us to better serve our customers through the core fleet. I warmly welcome both Prolift Access and Platform Sales & Hire employees to Speedy."

At 0805 GMT, the shares were up 0.5% to 56.02p.