Speedy outlines Hewden plans
19 March 2008
Speedy Hire will close or merge just 23 of the 188 Hewden Tool Hire depots following its £155 million acquisition of the business announced in the second week of June.
Steve Corcoran, Speedy's chief executive, told IRN the company expected the Hewden business to add revenues of between £82-84 million (€125 million) in its first full year, compared to 2006 sales of £89,8 million (€135 million). The acquisition has brought 40000 customer accounts, 24000 of which are new to Speedy.
Mr Corcoran said the company still had plenty of scope to grow in the UK by expanding its product offering and customer sectors. He said Speedy would not be entering heavy equipment sectors such as earthmoving or cranes; “We cannot envision doing that at the moment”. Over the medium to long term, he said Speedy would look to geographical diversification in Europe before expanding into heavier equipment in the UK.
“Where in the past we were facing a poorly-developed [rental market in Europe], that has changed, and there are some very good companies there. Do we think we can compete in Europe? Yes, I think that's a reasonable suggestion”, said Mr Corcoran.