Speedy to become a single entity

Speedy Hire is to bring all its businesses under one umbrella, which will simply be called 'Speedy' to make it easier for its customers who currently have to deal the various parts individually.

By June, the hire giant will have three levels of depots: consolidated sites offering all products and services; 'superstores' offering all services except accommodation and trailer-mounted items; and local depots stocking hand tools and smaller items. Its first consolidated depot on a 3.2ha site has opened in Warrington and Speedy's chief executive Steve Corcoran plans around 15 similar sites with 40-70 Superstores and 200-250 small tool stores.

The aim is that contractors will get one monthly invoice even if they are hiring pumps, accommodation and survey equipment, as well as hand tools from several Speedy depots.

To counter the downturn, Speedy has reduced both its headcount and depot numbers by 17% and sold 2.75% of its fleet, but Cocoran said he is not currently contemplating further cuts. The firm has renegotiated its banking covenants with lower interest rates (2% to 4% above LIBOR) and reduced the facility from £325m to £300m.