Recovering Speedy Hire swoops for Lloyds British Testing Ltd
MERSEYSIDE-based Speedy Hire, the tools, equipment and plant hire services company, has bought Lloyds British Testing Ltd from administrator PwC.
Midlands-headquartered Lloyds British is a specialist business, which carries out testing, certification, and inspection of lifting equipment, and training from locations across the United Kingdom.
The Lloyds British operations date back to 1812 and for over 200 years the name Lloyds British has been synonymous with the best in lifting equipment engineering.
Approximately 200 Lloyds British Testing employees will be joining Speedy from across the existing network of 12 Lloyds British offices.
Listed Speedy says Lloyds British complements its existing lifting, testing and training businesses and will enhance Speedy’s overall offering to its customers.
Pro-forma normalised EBITDA for the year ending December 31 will amount to approximately £1m.
Russell Down, Chief Executive of Speedy, said: “This acquisition gives us the ability to provide enhanced training, testing and lifting services to our customers, and realise synergies with our existing lifting business. I would like to warmly welcome Lloyds British employees to Speedy.”
Newton-le-Willows company Speedy has struggled recently, but is undergoing a recovery, in November said cost-cutting measures and asset disposals boosted first-half profits by 240% to £6.8m.
The significant increase in profits was on a pre-disposal revenue increase of 5.2% to £171.4m (2015: £162.9m).