Completion of disposal of UK Platforms Limited

About this update from Proservice Building Services Marketplace Plc

[{"type":"text","content":"\n \nRNS Number : 9375M HSS Hire Group PLC 14 January 2019  \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO, OR\nFROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE\nRELEVANT LAWS OF THAT JURISDICTION.\n \n14 January 2019\n \nHSS Hire Group plc (\"HSS\" or the \"Company\")\n \nCompletion of disposal of UK Platforms Limited\n \nHSS is pleased to confirm the completion of its disposal of UK Platforms Limited to Nationwide Platforms Limited, a wholly-owned subsidiary of the Loxam Group, for a total enterprise value of £60.5 million.\n \nAs at 29 December 2018, UK Platforms is expected to have total gross assets of between £35 million and £37 million, and EBITDA in the range of £11 million to £12 million.\n \nThe proceeds from the transaction will be used to reduce debt and enable greater focus on the Tool Hire business. Group leverage will reduce in line with expectations.\n \nThe disposal was originally announced on 19 July 2018 and further details were set out in a circular sent to the Company's shareholders on 20 July 2018. The disposal was approved by the Company's shareholders at the general meeting held on 7 August 2018.\n \nFor further information please contact:\n\n\n\nHSS Hire Group plc \n\n\nTel: 020 3757 9248\n\n\n\n\nSteve Ashmore, CEO\n\n\nEmail: [email protected]\n\n\n\n\nPaul Quested, Chief Financial Officer\n\n\n\n\n\n\n\nJonathan Edwards, Investor Relations Manager\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNumis Securities (Sponsor and Financial Adviser)\n\n\nTel: 020 7260 1000\n\n\n\n\nStuart Skinner\n\n\n\n\n\n\n\nStuart Ord\n\n\n\n\n\n\n\nFreddie Naylor-Leyland\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTeneo (Public Relations Adviser)\n\n\nTel: 020 3757 9248\n\n\n\n\nRobert Morgan\n\n\n\n\n\n\n\nShona Buchanan\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \nNotes to the editor\n \nAbout HSS Hire\nHSS Hire Group plc provides tool and equipment hire and related services in the UK and Ireland through a nationwide network of over 250 locations. Focusing primarily on the maintain and operate segments of the market, over 90% of its revenues come from business customers. HSS is listed on the Main Market of the London Stock Exchange. For more information please see www.hsshiregroup.com.\n \nAbout UK Platforms\nUK Platforms Limited speci...

More updates from Proservice Building Services Marketplace Plc