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March 20, 2019

Speedy acquires Lifterz

Filed under: Latest News — EHN Team @ 8:35 am

Speedy has announced that it has acquired the Yorkshire-based powered access specialist, Lifterz Holdings Ltd.

Lifterz has its head office in Ossett, with additional sites in Haydock, Daventry and Bathgate. Managed by Malcolm and Ben Bowers, it has a fleet of approximately 1,300 access platforms and employs around 90 people.

Unaudited revenue for the 12 months ended 31 January 2019 was £15.2m with normalised EBITDA of £3.3m. Gross assets were £17.2m. Cash consideration paid amounted to £9.6m with net debt assumed of £11.9m, which was settled at completion.

Speedy says the acquisition complements its previous powered access acquisitions, creating a comprehensive national presence. Since November 2017, the group has invested over £50m in the powered access market.

In a separate announcement, Speedy also reports that group revenues for the period to 31 March 2019, excluding disposals, are anticipated to be approximately 5.5% ahead of the previous year, with services revenues growing by circa 9%. Equipment utilisation rates have continued to increase in the UK and Ireland and are circa 57% for the year to date.

Adjusted profit before tax for the full year will be ahead of the prior year and in line with the Board’s previous expectations.

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