Tool and equipment hire firm extends presence in Ireland with £4.4m acquisition

Speedy Hire has bought Irish tool and equipment hire firm Waterford Hire Services for €6.5m (£4.38m).

Waterford employs 31 people in two hire depots in the south-east of Ireland. Its acquisition adds to existing Speedy Hire depots in the Republic and Northern Ireland.

Speedy Hire is putting up €5.2m (£3.5m) in cash, with a maximum of €1.3m (£870,000) to be issued in Speedy Hire shares in February 2008, depending upon Waterford’s financial performance this year.

Speedy Hire chief executive Steve Corcoran said: “Through our current depots and the addition of Waterford Hire, Speedy Hire will be well place to capitalise on the significant infrastructure investment expected in the South East of Ireland over the coming years”