Hire company will have 540 depots across the UK once Hewden is incorporated into business

Speedy Hire has acquired equipment hire company Hewden Tools for £115m.

Speedy Hire

The purchase increases Speedy Hire's geographic coverage giving the enlarged group 540 depots across the UK.

Hewden Tools has 1200 employees and is the tool hire division of Hewden Stuart.

Speedy Hire is financing the deal with new debt facilities of £325m. It is also proposing a 9.5% equity placing, which it says will finance future acquisitions.

Chief executive Steve Corcoran said: "This is a transformational acquisition for Speedy Hire which is consistent with our strategy of growing the business organically and through acquisition."