Speedy Hire Regulatory News (SDY)

12 Jan 2010 07:00



12 January 2010

Speedy Hire ("Speedy")

Two New Contracts and Two Contract Extensions

Speedy Hire, the UK's largest provider of tool and equipment for hire, is pleased to announce it has secured a contract with BT to supply mobile generators to support the Company's nationwide network of more than 6000 telephone exchanges.

The agreement will run for one year with an option to extend for a further year and follows on from a recent award from BT for the provision of fuel bowsers and sub pumps. The exchanges, managed by BT's Operate division, provide network services to almost every business in the UK.

An additional contract has been secured with Tube Lines, the company upgrading three of the busiest lines on the London Underground. Tube Lines has signed a two-year sole supplier agreement with Speedy.

Speedy will provide a comprehensive package of tools and equipment to Tube Lines, including tools, lifting gear, accommodation, communications solutions and bespoke training packages.

In addition to these new awards, Speedy announces two contract extensions. ExxonMobil is extending its five-year preferred supplier agreement with Speedy for a further three years to 2016. The contract is for the provision of managed services including rental equipment, maintenance and planning to the ExxonMobil refinery at Fawley, Southampton. 

Also, Speedy has renewed its existing preferred supplier agreement with Osborne, one of the UK's leading privately owned construction, civil engineering and property services contractors for a further three years. The contract will now run until 2013.

Speedy will be providing a range of equipment and support services including power generation, lifting, temporary accommodation and survey equipment.

Commenting, Steve Corcoran, Chief Executive of Speedy Hire said:

"These recent contract wins and extensions demonstrate the Group's ability to win and retain good quality work in its target sectors. These contracts are together anticipated to provide an overall revenue in excess of £30m, with an annual value in the first year of £9m."

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NOTES TO EDITORS

Speedy is a leading provider of equipment and support services to construction, manufacturing, industrial, rail and related industries.

The Group operates a number of equipment rental businesses specialising in tools and general building and materials handling equipment, portable accommodation, lifting equipment, surveying and measurement instruments, compressed air and power generating equipment and high performance pumps. 

In addition, the Group provides a range of support services including customer training on safety and awareness.

Website: www.speedyhire.com