Speedy Hire acquires South Wales firm

Speedy Hire has announced today (Thursday) that it has acquired the business and certain assets of Kingfisher Hire and Sales.

The consideration of £1.4m has been settled by a cash payment of £1m and by Speedy Hire taking on the debts of £0.4m from Kingfisher. Goodwill arising on the acquisition will be approximately £0.3m.

Based in South Wales, Kingfisher operates from six depots and had a turnover of £2.8m for the year to March 2002. Gary Derraven, Kingfisher's managing director, will become Speedy hire's regional director (South Wales).

John Brown, Speedy Hire's chief executive, said: "This is an excellent acquisition which increases Speedy Hire's number of depots in South Wales to 11. Kingfisher has a solid reputation and has established strong relationships with its customers.

"We continue to look for infill acquisitions and greenfield sites so as to improve even further the service we can offer our national and local clients."