Ashtead sells Irish business for £12.1m

Ashtead has sold its Irish business to McCormick Macnaughton for £12.1m.

McCormick Macnaughton is Caterpillar dealer for Ireland. The £12.1m figure includes £8.2m in cash with the balance payable in stages over the coming months..

The business being sold operated in both Northern Ireland and the Republic of Ireland. It generated a profit before interest of £500,000 in the year to 30 April.

The disposal completes the restructuring of Ashtead's A-Plant business. Ashtead chief executive George Burnett said: "We are delighted to anounce this transavtion, which represents the completion of our restructuring programme in A-Plant. We are now looking forward to being able to focus on driving A-Plant forward."