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UK based rental company Vp acquires Brandon Hire

Brandon Hire

Earlier today rental company Vp plc has announced the acquisition of the Brandon Hire for £41.6 million.

Brandon was established in 1971 and is a tool and equipment hire company with over 900 employees, operating from a network of 143 locations across the UK. In 2016, it recorded revenue of £79.8 million and an operating profit of £6 million. Owned by Wolseley Group since 2006, the deal includes VP taking on over £27m of Brandon's debt.

Vp commented that Brandon’s business model was similar to its own tool hire business, Hire Station, adding that the combination of the businesses would deliver economies of scale in purchasing and operations and would create a leading specialist tool hire business within the UK division of Vp.

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.”

Meanwhile, Neil Stothard, CEO 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.”

Source: Insight DIY Team

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09 November 2017

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