Plant hire group Speedy Hire is set to lose £1.7m because the collapse of Connaught has left it with debts that are unlikely to be paid and equipment that will not be recovered

In a statement to the City, it said it could lose the same amount in turnover because of the firm’s failure. It said: “Following the recent appointment of joint administrators to Connaught, to which Speedy was an exclusive provider of tool and equipment hire, it is anticipated that Speedy will take a charge of £1.7m in the first half of the current financial year.”