03.01.2008

Hewden sells hoists division

Hewden Stuart - the equipment hire arm of Finning Group (UK) - is to sell its hoists business to HTC Plant, part of the PC Harrington Group for an undisclosed sum. All 75 staff from Hewden’s hoists business will transfer to HTC Plant when the sale is completed at the end of January 2008.

The agreement - signed just before Christmas - follows Hewden’s stated strategy of concentrating on core business areas where it is or intends to be market leader. The sale of the hoists business – which consists of more than 300 units - follows the sale of the tools business to Speedy Hire for £115 million in June this year.

Brian Sherlock, director of Hewden Stuart plc said: “We intend to grow our lead by focusing on being a national provider of heavy duty plant and construction equipment, with a particular emphasis on Caterpillar and a select range of other complementary leading manufacturers.”

“Hoists was an obvious selling opportunity for us, given that it is a highly successful, specialised and stand-alone area of business but it was not part of the core Hewden service offering and was only available from three depots Chawston (Bedfordshire), Dewsbury and Glasgow.“


Vertikal Comment
The goods and passenger hoist rental business was not one of Hewden’s more prominent divisions, although it was clearly a significant player in the market with more than 300 units.

Given that hoist rental does not fit easily with its stated strategy aimed at returning to the company to its core businesses and mainstream hire sector, it was only a matter of time before it was sold.

HTC was the purchaser of Hewden’s tower crane business and clearly sees hoists as fitting in with that business. Like tower cranes, hoists require skilled site surveys and erection staff and tend to progress on a similar schedule on high rise developments.
All in all this looks like a logical move for both parties.