HSS Hire sets price range ahead of IPO

SOON-to-be-listed HSS Hire Group has said its shares are expected to be priced at between 210p and 262p when its floats in early February.

In the middle of that range, the nationwide group which has its largest back function in Manchester, will be valued at about £365m.

The tool hire company is looking to raise £103m to cut debt and provide greater capacity for added capital expenditure to drive future growth in the business.

Chief executive Chris Davies said: “Our differentiated market position and focus on capital efficiency are enabling HSS to grow ahead of the overall tool and equipment hire market while generating industry-leading returns on assets.

“The proceeds from the IPO will enable us to accelerate our growth plans and expand from 265 to over 500 locations in the UK and Ireland over the next few years as we roll-out our new local format branches nationwide.

“With a proven business model and a clear strategy for growth, we are excited about our future as a listed business.”