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<\/a><\/div>\n<\/div>\nUnder this separate deal Speedy will become principal equipment supplier to the ProService marketplace for at least five years, with an option to extend to eight.<\/p>\n
Speedy will also take a near 10% stake in the newly-renamed group ProService Building Services Marketplace plc and acquire around \u00a335m of hire assets, including equipment and depot leases.<\/p>\n
Around 300 hire service company staff will transfer to Speedy, while 100 Speedy employees will move to ProService to manage re-hire and resale operations routed through the marketplace.<\/p>\n
Executive chairman Steve Ashmore said the deal marked a turning point for HSS: \u201cThis transformational agreement with Speedy Hire marks a major milestone in scaling our marketplace business.<\/p>\n
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<\/a><\/div>\n<\/div>\n“It allows us to focus solely on our asset-light model, unlocking significant value for shareholders and customers. With increased scale and breadth, the business is now well positioned for profitable growth.\u201d<\/p>\n
The sale and rebrand complete a multi-year restructuring that has seen HSS divest its power businesses, its Irish arm, and now its UK hire operation.<\/p>\n
The group will emerge as a pure-play digital marketplace, connecting contractors to a wide range of tools, materials, training, and building-services suppliers via its proprietary \u201cBrenda\u201d technology platform.<\/p>\n
The Speedy partnership is expected to boost margins and earnings by replacing internal supply from the HSS hire service with a more efficient procurement model, while also expanding revenue from Speedy\u2019s re-hire, resale and training services routed through the ProService platform.<\/p>\n
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Completion of all transactions is expected by 31 December 2025, subject to shareholder and CMA approval.<\/p>\n
This morning HSS Hire reported a \u00a3130m pre-tax loss for the 15 months to March 2025 after a major restructuring to split the group into the two separate operations.<\/p>\n
This was largely down to a \u00a3114m impairment charge against the hire service business.<\/p>\n
Turnover rose to \u00a3379m from \u00a3312m due to the longer reporting period, but on a like-for-like 12-month basis sales fell 5% to \u00a3298m as the loss of the Amey contract and weaker markets hit performance.<\/p>\n
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