Speedy Hire sells mechanical plant fleet to Ardent Hire Solutions

Tool rental company Speedy Hire has sold a fleet of large mechanical equipment to Ardent Hire Solutions for GBP 14.4m. The sale includes equipment such as excavators, dump trucks, and ride on rollers with operating weight of at least 3 tonnes. Speedy Hire’s fleet generated approximately GBP 3.2 m in revenues for the 12-month period ending in July and has a gross book value of GBP 15.5m. Chief executive from Speedy Hire, Russell Down, says that proceeds from the sale will go to towards paying off debts. Under the sale, Speedy Hires has also entered into a five-year agreement to re-hire large plant assets from Ardent.