200 jobs saved after sale of lifting equipment specialist

BIRMINGHAM-based lifting equipment specialist Lloyds British Testing has been saved from closure after the sale of the firm in a deal which saves 200 jobs.

The Sutton Coldfield firm, which lapsed into administration last month, has been acquired in an undisclosed deal from administrators by Speedy, the tools, equipment and plant hire services company.

Newton-le-Willows-based Speedy operates across the construction, infrastructure and industrial markets with a network of branches across the UK.

It announced the acquisition of the business from administrators at PwC in a statement to the London Stock Exchange this morning.

It said it had acquired the brand, business and assets of Lloyds British. It added that approximately 200 employees would be transferring to the firm from across the existing network of 12 Lloyds British offices.

It said Lloyds British complemented Speedy’s existing lifting, testing and training businesses and would enhance the firm’s overall offering to its customers. Pro-forma normalised EBITDA for the year ending December 31, 2016 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.”

Lloyds British is a specialist business which carries out testing, certification, and inspection of lifting equipment, and training from locations across the UK. 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.    

The company ran into difficulties after revenues were hit due to the volatility in the oil and gas markets.