Lutterworth firm swoops in £60.5m deal for counterpart

Nationwide Platforms, the Lutterworth-based provifer of working at height equipment, looks set to buy counterpart UK Platforms, part of HSS Group in a deal worth £60.5m.

As part of deal, HSS will begin a long term strategic commercial agreement with Nationwide to provide powered access equipment to complement HSS’s existing fleet.

As at 30th December 2017, UK Platforms had total gross assets of £37.8m and profit before tax of £6.2m.

Steve Ashmore, chief executive at HSS, said: “Since our Strategic Review last December we have made substantial progress against our strategic priorities by reducing costs, delivering major operational change, improving trading and re-financing.

“This announcement is another step forward. It will accelerate progress against our strategic priorities, enabling further deleveraging through debt reduction and allow greater focus on our core Tool Hire business. The UK Platforms business has made an excellent contribution to the Group over recent years, but considering our priorities and focus on tool hire we feel it will reach its full potential under new ownership.

“We will continue to provide our customers with all of their powered access needs through our existing fleet and the new strategic partnership with Nationwide.”