Sale of Laois Hire Services Limited

About this update from Proservice Building Services Marketplace Plc

[{"type":"text","content":"\n \n \n \n RNS Number : 5912U\n HSS Hire Group PLC\n 07 April 2021\n  \n \n \n \n Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement\n \n  \n 7th April 2021\n HSS Hire Group plc\n  \n (\"HSS\" or the \"Group\")\n \n Sale of Laois Hire Services Limited\n  \n HSS announces that it has entered into an unconditional agreement to sell Laois Hire Services Limited (\"Laois\"), the Group's Irish large plant hire business, to Briggs Equipment Ireland Limited (\"Briggs\"), for a cash consideration of €11.2 million (the \"Disposal\").\n  \n The proceeds will be used to invest in the core Tool Hire business in line with the Group's strategy. With Laois representing around 4% of Group revenue for the year ended 28 December 2019, the Directors believe that the consideration represents an attractive valuation for shareholders.\n  \n As part of this transaction, HSS has entered into a commercial agreement with Briggs for the cross hire of equipment to ensure the broadest possible distribution of, and customer access to, the parties existing fleets.\n  \n HSS expects to report its 2020 full year results week commencing 26th April 2021 and confirms that trading for the year was in line with management expectations. The Group has seen encouraging momentum during the first three months of 2021 and EBITDA for the period to 3rd April 2021 is comfortably ahead of the comparable prior year period.\n  \n Steve Ashmore, Chief Executive, commented:\n  \n \"Over the last four years, we have made substantial progress against all three of our strategic priorities: to delever the Group, transform the Tool Hire business and strengthen our commercial proposition. During this time we have transformed HSS to a modern, agile, technology-driven business, improving trading, reducing cost and increasing the overall profitability of the Group.  Today's announcement is another step forward on our strategy, enabling us to increase focus on our core Tool Hire business. \n \n  \n \n \n Laois has made a good contribution to the Group over recent years and I would like to thank the team for their commitment. I am very pleased that the business will be joining Briggs who reco...

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