Tool and plant hire firm to make £60.5m swoop

Manchester-based tool hire firm HSS has been given the go ahead to sell a subsidiary business for £60.5m.

The Competition and Markets Authority (CMA) has given unconditional clearance for Leicestershire-based Nationwide Platforms, a subsidiary of the Loxam Group, to acquire UK Platforms from HSS.

Nationwide is part of Lavendon Group, also headquartered in Lutterworth, which was itself bought by French rival Loxam early last year.

This transaction deal will allow HSS to make significant progress towards reducing its debt and to focus on the core Tool Hire business.

HSS said it anticipates completion of the disposal in early 2019.

As part of the deal HSS has entered into a long term strategic commercial agreement with Nationwide to provide powered access equipment to complement HSS’s existing fleet.

HSS chief executive Steve Ashmore said: “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.”