HSS Hire Group PLC Completion of disposal of UK Platforms Limited (9375M)
January 14 2019 - 2:00AM
UK Regulatory
TIDMHSS
RNS Number : 9375M
HSS Hire Group PLC
14 January 2019
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, IN, INTO, OR
FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE
RELEVANT LAWS OF THAT JURISDICTION.
14 January 2019
HSS Hire Group plc ("HSS" or the "Company")
Completion of disposal of UK Platforms Limited
HSS is pleased to confirm the completion of its disposal of UK
Platforms Limited to Nationwide Platforms Limited, a wholly-owned
subsidiary of the Loxam Group, for a total enterprise value of
GBP60.5 million.
As at 29 December 2018, UK Platforms is expected to have total
gross assets of between GBP35 million and GBP37 million, and EBITDA
in the range of GBP11 million to GBP12 million.
The proceeds from the transaction will be used to reduce debt
and enable greater focus on the Tool Hire business. Group leverage
will reduce in line with expectations.
The disposal was originally announced on 19 July 2018 and
further details were set out in a circular sent to the Company's
shareholders on 20 July 2018. The disposal was approved by the
Company's shareholders at the general meeting held on 7 August
2018.
For further information please contact:
HSS Hire Group plc Tel: 020 3757 9248
Steve Ashmore, CEO Email: Investors@hss.com
Paul Quested, Chief Financial Officer
Jonathan Edwards, Investor Relations
Manager
Numis Securities (Sponsor and Financial Tel: 020 7260 1000
Adviser)
Stuart Skinner
Stuart Ord
Freddie Naylor-Leyland
Teneo (Public Relations Adviser) Tel: 020 3757 9248
Robert Morgan
Shona Buchanan
Notes to the editor
About HSS Hire
HSS Hire Group plc provides tool and equipment hire and related
services in the UK and Ireland through a nationwide network of over
250 locations. Focusing primarily on the maintain and operate
segments of the market, over 90% of its revenues come from business
customers. HSS is listed on the Main Market of the London Stock
Exchange. For more information please see www.hsshiregroup.com.
About UK Platforms
UK Platforms Limited specialises in the provision of Powered
Access equipment nationwide across the UK, providing working at
height solutions and access platforms to the construction,
facilities management, and service sectors. UK Platforms Limited
was acquired from the Haulotte Group in 2013 and now has a fleet of
c.3,000 powered access machines including a range of diesel and
electric aerial work platforms including scissor lifts, boom lifts
and telehandlers.
About Loxam
Loxam is the leading equipment rental company in Europe with
unaudited proforma consolidated revenue of EUR1,435 million in 2017
and approximately 7,900 employees. Loxam's network of more than 750
branches extends over 13 countries in Europe (France, Germany, the
United Kingdom, Ireland, Belgium, Switzerland, Spain, Portugal,
Luxemburg, the Netherlands, Denmark, Norway and Italy) as well as
in the Middle East, Morocco and Brazil.
For more information please see www.loxam.com.
Disclaimer:
This announcement contains forward-looking statements relating
to the business, financial performance and results of HSS Hire
Group plc and the industry in which HSS Hire Group plc operates.
These statements may be identified by words such as "expect",
"believe", "estimate", "plan", "target", or "forecast" and similar
expressions, or by their context. These statements are made on the
basis of current knowledge and assumptions and involve risks and
uncertainties. Various factors could cause actual future results,
performance or events to differ materially from those described in
these statements and neither HSS Hire Group plc nor any other
person accepts any responsibility for the accuracy of the opinions
expressed in this presentation or the underlying assumptions. No
obligation is assumed to update any forward-looking statements
Numis Securities Limited ("Numis") which is authorised and
regulated by the Financial Conduct Authority in the United Kingdom,
is acting solely for the Company in relation to the Disposal and
nobody else as a client in relation to the Disposal and will not be
responsible to anyone other than HSS for providing the protections
afforded to the clients of Numis or for providing advice in
relation to the Disposal.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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