City round up: Speedy Hire hydrogen deal; VEKA jobs boost; £16m incentive for B+M founder; SiS board change
Speedy Hire and AFC Energy are launching of a dedicated hydrogen powered generator plant hire business to add to its range of zero carbon power solutions.
This collaboration which follows the successful launch of AFC Energy’s H-Power Generators last year, will provide the UK construction and temporary power market with AFC Energy’s sustainable, zero emission temporary power solutions designed specifically for the off-grid power market.
The collaboration will take the form initially of AFC Energy providing Speedy with its existing H-Power Tower Generators on a cross-hire basis on commercial terms.
A 50:50 joint venture the new business will initially purchase 30kW H-Power Generators from AFC Energy for £2m and be available for hire this year.
Beyond this they plan to increase orders for H-Power Generators in line with the expected growing demand for zero emission power across the UK construction and temporary power market.
Speedy has also started hiring hydrogen gear with partner Nifty (pictured).
Dan Evans, Chief Executive, Speedy, said: “As a leader in product innovation and sustainability across the sectors we serve, we are pleased to announce our proposed collaboration with hydrogen experts AFC Energy to deliver scalable, modular zero emission power generators to the UK market and further deliver on our ambitious targets in our Velocity sustainable growth strategy.”
Adam Bond, Chief Executive, AFC Energy, said: “The pressure to deliver zero emission power on construction sites here in the UK and overseas has seen strong growth in demand for AFC Energy’s H-Power Generators. Our collaboration with Speedy builds on the successful H-Power Tower launch last year and subsequent field-based deployments, many of whom are customers of Speedy, making our proposed collaboration all the more relevant.”
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VEKA jobs boost
VEKA plc, manufacturer of uPVC profiles based in Burnley is to recruit for 70 new roles across its different production lines, warehouse, and transport departments.
“Our excitement at introducing these opportunities reflects VEKA’s dedication to creating employment in Burnley and contributing to our local community,” said Sally Blades, HR Director at VEKA.
The expansion follows the successful acquisition of major new customers and a jump in turnover by around 25%.
“This marks a positive stride for VEKA and Burnley’s economy, supporting job security and additional employment prospects, said Blades.
Earlier this year, VEKA was named one of the UK’s Great Places to Work by the Global
Authority on Workplace Culture.
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B&M has struck an incentive deal worth up to £16m with founder Bobby Arora, who works as the Group Trading Director, but is no longer on the board.
It secures his commitment to the company he founded until at least March 2026.
In a statement to the markets this morning, the company said:
B&M’s head office in Liverpool
“The Board believes that continuing to align his interests with those of B&M is important to the long-term success of the business and has therefore entered into an agreement with Bobby which will deliver cash bonus payments over and above his normal remuneration package. The maximum additional bonus payable to Bobby Arora is £16m over a three year period through to the end of FY26 and is subject to a number of financial and performance criteria.”
It concluded: “Following the smooth and successful Chief Executive succession last year, this retention package will ensure that B&M continues have a strong leadership team in place which will enable the Company to offer customers exceptional value for money and deliver long term value to all shareholders.”
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Science in Sport the performance nutrition company is to replace Tim Wright as non-executive director with lawyer Paul Richardson.
Richardson will be the board representative of Otus Capital Management, which holds 19,552,540 ordinary shares in the company.
The board will also commence a process to select a new independent non-executive director.
Richardson was most recently Chairman at AIM listed Frenkel Topping and also enjoyed a parallel pro bono Charity career for over 20 years and was Chairman of The Steve Redgrave Trust, a Trustee at WellChild and is currently Chairman of Special Olympics Great Britain.
