Speedy has paid an initial 拢1.5m cash for the entire issued share capital of OHP and taken over its net debt of 拢1.7m. Further cash payments of up to 拢800,000 depend on future performance.
The OHP group has 25 staff and primarily comprises Rail Hire (UK) Ltd, a company specialising in the hire of overhead line equipment. It also includes Crewe Plant Hire Ltd, a tools and equipment hire business operating from premises in Crewe.聽
OHP founder and managing director Martin Davies is joining Speedy with the business.
OHP鈥檚 consolidated revenues for the year ended 30th November 2015 were 拢2.6m, with normalised earnings before interest tax depreciation and amortisation (ebitda) of approximately 拢800,000.
Speedy chief executive Russell Down said: 鈥滻 am delighted to announce this acquisition which will help expand our business in this specialist sector of a growing UK rail market and further enhance our market position.鈥�
Got a story? Email news@theconstructionindex.co.uk
