Acquisition of The Handi Hire Group Ltd

Vibroplant PLC 1 June 2000 Vibroplant Plc ('Vibroplant' or the 'Company') Acquisition of The Handi Hire Group Ltd ('Handi Hire') The Directors of Vibroplant announce the acquisition of the entire issued share capital of Handi Hire for a consideration of £2.58 million, to be satisfied by a combination of cash and loan notes. Vibroplant will also assume the net debt of Handi Hire, which amounted to £2.08 million as at 31 December 1999. Handi Hire's turnover in the year to 31 December 1999 was £6.41 million. It is expected that the net assets of the company at completion will be approximately £210,000. Handi Hire reported a pre-tax loss of £253,000 for the year ended 31 December 1999. This loss is after vendors remuneration and benefits. Management believe that, over a period of time, margins similar to those achieved by Vibroplant's existing tool hire businesses should be achievable. The principal activities of Handi Hire are the hire and sale of tools and related equipment to industry, construction and homeowners from 24 depots throughout the East Midlands and South Yorkshire. Handi Hire significantly expands Vibroplant's current network of 50 tool hire branches, providing an excellent geographical fit and substantially advancing the strategic objective of providing full national coverage in this sector. As part of that strategy, Vibroplant recently established a national tool hire call centre, The Hire Station (October 1999) and launched Tools and Fixings Direct, its direct sales, catalogue and 'e' commerce tool business (toolfixdirect.co.uk) in May 2000. This acquisition is in line with the refocusing of the Group on its specialist rental activities and follows the sale of its powered access assets to Lavendon Plc for £3.76 million in April 2000. Enquiries : Jeremy Pilkington, Chairman and Chief Executive Neil Stothard, Group Finance Director Vibroplant Plc Telephone : 01423 533400 Peter Otero Financial Dynamics Telephone : 020 7831 3113