Plant rental firm will use cash to reduce estimated £248m debt

Speedy Hire, the UK-based plant rental group, has announced it received a 92% take-up for its £100m rights issue.

The company launched the fundraising in May after revealing a £70m loss for the year.

The cash will help the company pay down its estimated £248m debt.

Speedy Hire's financial advisers will seek to place the remaining 8% with other investors.