New chief financial officer unveiled at tools hire group

Speedy Hire, the UK’s leading provider of tools and equipment hire and services to the construction, infrastructure and industrial markets, has appointed James Bunn to the board as chief financial officer.

His appointment at the Newton-le-Willows-based business is with effect from September 14.

Mr Bunn has extensive experience in senior finance roles, most recently as chief financial officer for the UK Digital division of GVC Holdings, based in Gibraltar.

He joined Ladbrokes in 2012 as finance director for its UK Digital business and has subsequently held senior finance positions within Ladbrokes Coral and then, following its acquisition, within GVC.

Prior to this, he was employed by TUI Travel from 2001, including as finance director, commercial from 2008 to 2012.

He has also held finance positions with Tiny Computers and Hertz Leasing.

Mr Bunn is a member of the Institute of Chartered Accountants in England and Wales.

Speedy Hire chief executive, Russell Down, said: “I am delighted to welcome James to the board as chief financial officer.

“He brings a wealth of finance, acquisition and digital knowledge to Speedy which will be invaluable to the delivery of our strategy.”

In June the group unveiled annual figures that showed a rise in revenues of three per cent to £406.7m. However, pre-tax profits of £20.7m represented a 27.9% decline on last year’s results.

The group said it has a strong balance sheet and cash generation. Net debt reduced to £79.3m, compared with £89.1m last year.

Speedy said at current revenues the group can operate throughout FY21 within its existing banking facilities, without breaching any covenant tests.