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November 24, 2017

Speedy makes access acquisitions

Filed under: Latest News — EHN Team @ 8:56 am

Speedy has announced that it has acquired the entire issued share capital of powered access specialists Prolift Access Ltd and Platform Sales & Hire Ltd.

Prolift, which has its headquarters in Taunton, has a fleet of approximately 770 access platforms and employs 72 people. Revenue for Prolift’s financial year ended 31 December 2016 was £7.9m with EBITDA of £2.4m and gross assets of £12.1m. Cash consideration paid amounted to £5.9m with net debt assumed of £5.5m, following a property sale for £1.2m by Prolift to a company connected with one of the vendors.

PSHL is Midlands-based, operating from centres in Milton Keynes and Birmingham, with a fleet of approximately 850 access platforms and employing 64 people. Revenue for PSHL’s financial year ended 28 February 2017 was £9.3m with EBITDA of £2.4m and gross assets of £9.8m. Cash consideration paid amounted to £7.1m with net debt assumed of £3.6m.

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