Corky and his old boys are the instigators of project Darwin . So thats nothing to be proud of. The people left in Speedy are the ones who can get the company back to where it should be . Get shot of the White Elephants like Tamworth.and the rest Speedy is not a manufacturer its a hire company.
I think you mean 'what we used to do well'!! Speedy haven't done the basic things well since 2008 and the whole Speedy Asset Services and Project Darwin fiasco.
I hope they invest that £14.4m in basic kit for the depots & let the people who know what they are doing (if they haven't already jumped ship or been pushed out) get on with doing the simple things well without having to pander to the major accounts with little profit margin and their ridiculous terms (how is the National Grid deal going!).
And I don't think you can blame an investment fund for trying to make the best of a bad situation!!!
I think the point for highlight here is 15.5m GROSS book value. Not NBV. most of the machines are 2 to three years old with a small percentage being a year old. I would hazard a guess that the NBV would be somewhere below the sale price. This is the right thing to do. Getting back to basics, concentrating on doing what we do well, instead of trying to take over the world in five minutes as historically they've tried to do and failed. This is the journey to making speedy great again. Tosca are only interested in putting their own man in place to force through a merger with hss. Funnily enough they have a high percentage holding in hss. Is that a coincidence? The only way to rescue hss is to merge with speedy. This is in hss' interest not speedy's in my opinion.
If the assets had a book value of £15.5m and a EBITDA of £1.9m, why only sell for £14.4m with a guarantee to the buyer that you will re-hire this same kit back off them for the next five years?
Most of the top-brass at Ardent are Corky's old boys aren't they? I bet they are laughing all the way to the bank at buying kit well below its book value and getting a guaranteed customer for the next five to seven years.
Perhaps Toscafund are right & the chairman & board arent up to much after all?!?
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