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HSS Hire Group PLC - Manchester-based equipment rental firm - Agrees to sell Irish large-plant hire business, Laois Hire Services Ltd, to Briggs Equipment Ireland Ltd for EUR11.2 million.
The sale proceeds will be invested into the core Tool Hire business, HSS says. "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," it adds.
As part of the deal, HSS enters into a commercial agreement with Briggs for the cross hire of equipment.
HSS additionally confirms that trading for 2020 was in line with management expectations, and it has seen "encouraging momentum" during the first three months of 2021 with earnings before interest, tax, depreciation and amortisation for the period to April 3 comfortably ahead year-on-year.
Current stock price: 21.40 pence, up 9.2% on Wednesday
Year-to-date change: doubled from 10.70p on December 31
By Lucy Heming; lucyheming@alliancenews.com
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