Hire group reveals full cost of Lloyds British acquisition
Tools, equipment and plant hire group, Speedy Hire, paid almost £4m for the assets of failed crane testing company Lloyds British, the group’s full year results reveal.
Newton-le-Willows-based Speedy acquired the crane and lifting equipment tester in December following its lapse into administration.
The deal, secured through administrator PwC, saved the jobs of around 200 people at the Sutton Coldfield-based business.
In its full year results statement today, Speedy revealed that it paid £3.8 for the Lloyds British brand, business and assets.
“Lloyds British is a specialist business which carries out testing, certification, and inspection of lifting equipment, and training from locations across the UK,” said the Speedy statement.
“The acquisition cost of £3.8m was paid in cash in full on completion; the business is now fully integrated and is enhancing Speedy’s overall offering in the specialist lifting market.”
The hire group completed a strong turnaround with year-end pre-tax profits up to £14.4m – reversing a loss of £57.6m in 2016. Revenue rose 12% to £369.4m in the 12 months to March 31, 2017.
Lloyds British operations date back to 1812 and for over 200 years the name Lloyds British was synonymous with the best in lifting equipment engineering.
The company ran into difficulties after revenues were hit due to the volatility in the oil and gas markets.