Listed plant hire firm Speedy Hire has set up a £35m fund for acquisitions.
The company hopes to increase its network of depots from 257 to 400 over the next five years, and has increased its borrowing facilities by £25m to help achieve this.

Finance director Neil O'Brien said that in the past the company had expanded largely through organic growth but was now in a position to take an aggressive stance.

Speedy Hire has agreed its borrowing arrangement with a bank syndicate made up of Barclays Capital, Royal Bank of Scotland, Lloyds TSB and Yorkshire Bank.

We expect to make three or four sub-£10m bolt-on acquisitions

Neil O’Brien, finance director, Speedy Hire

O'Brien said: "With this facility we can make a number of bolt-on acquisitions.

"We are looking at a number of businesses, and expect to make three or four sub-£10m acquisitions over the next 12 months."

O'Brien said that the purchases were likely to be made in Scotland, Wales and northern England. He said: "A number of companies have approached us [to sell their tools and equipment businesses] that want to leave the sector."

The company aims to increase its network of depots from 257 to 400 over the next five years.