UK plant and tool rental company Speedy Hire has acquired Lloyds British Testing from administrator PWC.
Lloyds British specialises in inspection, certification and repair of lifting equipment. Further trading divisions cover the manufacture of lifting equipment, provision of training services and sales of spare parts.
Commenting on the acquisition, Russell Down, Speedy chief executive, said, “This acquisition gives us the ability to provide enhanced training, testing and lifting services to our customers, and realise synergies with our existing lifting business. I would like to warmly welcome Lloyds British employees to Speedy.”
Lloyds British Testing appointed Michael Denny, David Baxendale and Matthew Hammond from PWC as joint administrators on 24 November 2016. A company statement said "it has experienced falling revenues and cost pressures in the last financial year. This is attributable to both external factors such as the decline in overseas markets and oil and gas price volatility, and internal factors such as the cost of consolidating and restructuring UK operations. These factors combined created cash flow pressures which have led to the appointment of the joint administrators."
Based in the West Midlands near Birmingham, Lloyds British operates from 12 offices throughout the UK and has been associated with lifting equipment engineering since 1812. Its 200 employees will move to Speedy from the 12 Lloyds British offices.