Vp buys Brandon Hire for £41.6m

Equipment rental giant Vp plc has bought tool and equipment business Brandon Hire for £41.6m.

Brandon Hire has over 900 employees operating from a network of 143 locations across the UK focusing on supplying small to medium sized contractors with kit.

Vp said the Brandon Hire operation is closely aligned to its own specialist tool hire business, Hire Station.

It added: “The combination of the two businesses will, over the medium term, deliver economies of scale in purchasing and operations and will create a leading specialist tool hire business within the UK division of Vp plc.”

For the year ended 31 December 2016 Brandon Hire had revenues of £79.8m and made a pre-tax profit of £6m.

Jeremy Pilkington, Chairman of Vp plc, said: “The acquisition of a well established business of the size and quality of Brandon Hire is a significant development for Vp.

“We have, over recent years, developed an industry leading specialist tool hire business in the UK.  This transaction represents a major step change in the scale and scope of our specialist tool hire offering.

“The Vp and Brandon Hire business cultures are closely aligned and we look forward to working with all of the Brandon Hire employees in developing the business further over the coming years.”

Neil Stothard, Chief Executive of Vp plc, said:”Brandon Hire is a long established, well managed profitable business which is an extremely positive addition to the Vp group.

“With an extensive branch network, Brandon Hire is an excellent geographic fit with our current specialist tool hire operations and we expect this acquisition to be earnings enhancing to the Group in the first twelve months of ownership.”

from Construction Enquirer http://www.constructionenquirer.com/2017/11/08/vp-buys-brandon-hire-for-41-6m/

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