08.02.2016

Speedy acquires rail rental company

UK based rental company Speedy has acquired OHP Group which includes Crewe Plant Hire and Rail Hire (UK).

Speedy will pay £1.5 million in cash and assume around £1.7 million of debt, while a further £800,000 may be due depending on future performance of the business. OHP employs 25 and comprises Rail Hire (UK), which specialises in the rental of overhead line equipment to the rail sector and Crewe Plant Hire, a tools and general equipment rental business. The group has revenues for the year to November of £2.6 million, with Earnings Before Interest Tax Depreciation and Amortisation of £800,000.

OHP founder and managing director, Martin Davies, will stay with the business after it joins the Speedy group. Rail Hire (UK) has recently won new contracts in the overhead line equipment market and is expecting revenues to grow significantly this year. The company rents a varietyof equipment including rail mounted mobile scaffold towers.

Speedy has also said that current trading is in line with its expectations, as reported in November.Chief executive Russell Down said: This acquisition will help expand our business in this specialist sector of a growing UK rail market and further enhance Speedy’s market position”.