RERMAG

U.K.’s Speedy Raises Revenue 30 Percent

British tool rental giant Speedy Hire PLC last week said its fiscal first quarter revenue rose 30 percent and that it expects to complete its acquisition of Hewden Tools by the end of the month.

The company said both its tool and equipment divisions are performing well, with tool hire revenue growing 15 percent, “including like-for-like growth of 9.8 percent,” according to Speedy officials.

On June 14, Speedy, the United Kingdom’s largest equipment rental company, announced the acquisition of its largest competitor, the tool hire division of Hewden Stuart, from Canadian Caterpillar dealer Finning, for £115 million (about U.S. $234 million).

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