Speedy acquires Lloyds British
UK based rental company Speedy Hire has acquired Lloyds British Testing from the administrator PwC for an undisclosed sum.
While Speedy has yet to issue a formal press release, we understand that around 200 Lloyds staff will join Speedy along with 10 or possibly all 12 Lloyds locations. See Lloyds British in administration
Speedy hopes that the addition of the Lloyds British testing and lifting gear supply business will complement its existing lifting, testing and training businesses in the face of increased competition in the sector.
Chief executive Russell Down 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."
Joint administrator Mike Denny added: "The last three weeks since our appointment have seen an intensive period of activity, culminating in the sale of the company's business and assets to Speedy Hire and the preservation of around 200 jobs. Lloyds British Testing was facing severe cash flow pressures and, having run out of alternative options, was forced to seek the protection of administration."
"On appointment, we initiated an urgent search for a buyer while working with the company’s key stakeholders to allow us to continue to trade the business. We are delighted with the outcome that has been achieved which will provide much needed stability for customers, suppliers and employees alike."