Speedy Hire CEO Russell Down to retire

Down will stay on until a successor is in place to ensure a smooth and orderly transition. The recruitment process for a replacement is underway and an update will be provided "at the appropriate time".

Down joined Speedy Hire in April 2015 as group finance director and assumed the role of CEO in July 2015.

Speedy said: "The group has been transformed over this period having improved its service proposition, grown service revenues, developed a market leading ESG proposition, sold its Middle East operations, significantly expanded its presence within the SME and retail markets and digitised its internal and external operations."

The tool and equipment hire company also reiterated that it expects to report results in line with its expectations on 24 May.

Chairman David Shearer said: "I would like to thank Russell personally and on behalf of the board for his significant contribution as chief executive over the last seven years. Under his leadership, the business has been transformed and is now well positioned for future growth with an ambitious management team."