RSM advises on sale of Midlands-based platform hire company to Speedy Hire plc

RSM’s corporate finance team has advised the shareholders of Midlands-based Platform Sales & Hire Limited (PHSL) on the successful sale of the company to Speedy Hire plc for £10.7m.

PSHL is Midlands based, operating from centres in Milton Keynes and Birmingham, with a fleet of approximately 850 access platforms and 64 employees.

Revenue for PSHL's financial year ended 28 February 2017 was £9.3m with gross assets of £9.8m. Cash consideration paid amounted to £7.1m with net debt assumed of £3.6m.

Speedy Hire is the UK's leading tools, equipment and plant hire services company, operating across the construction, infrastructure and industrial markets.

The Group expects to realise both revenue and cost synergies from the acquisition, which will allow Speedy to support an increased proportion of customer demand through its core fleet.

Stephen Orriss and Graeme Gladstone from RSM’s M&A and private equity team advised shareholders on the deal, while EMW Law LLP in Milton Keynes provided legal advice.

Stephen Orriss, corporate finance partner at RSM in Milton Keynes said:

‘We were delighted to have advised the shareholders of PHSL on this deal which gives Speedy Hire the perfect platform to expand services to its customers and to grow revenues.’

Commenting on the acquisition, Russell Down, Chief Executive of Speedy, said:

"This acquisition strengthens our powered access offering and allows us to better serve our customers through the core fleet. I warmly welcome Platform Sales & Hire employees to Speedy."

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