Speedy has paid 拢20.2m for a company that was only set up two years ago.
Speedy has paid 拢10m in cash to principal shareholder Russell鈥檚 (Kirbymoorside) Limited 鈥� a farm machinery dealer near York 鈥� and four other shareholders. It has also taken on 拢10.2m of Green Power Hire鈥檚 debt.
According to Speedy, Green Power Hire (GPH) is 鈥渁 recognised industry leading owner and supplier of battery storage units (BSUs) to the UK rental market鈥�.
To date GPH鈥檚 BSUs have been provided by Speedy to its end customers on a re-hire basis as part of Speedy鈥檚 Customer Solutions division. But with demand for clean energy on site growing, Speedy was keen to take direct control.
Mark Chamberlain, director and one of the vendor shareholders of GPH, has joined Speedy as part of the ongoing management team.
In July 2023, the business and assets subject to the transaction were hived down from Russell鈥檚 into GPH. For the year ended 31st October 2022, GPH generated unaudited revenues of 拢400,000 and a loss before tax of 拢200,000 but it is growing rapidly. For the ten months ended 31st August 2023, unaudited revenues were 拢5.9m, the business was profitable, and it had unaudited gross assets of 拢12.5m.
Speedy chief executive Dan Evans said: 鈥淭he acquisition of Green Power Hire is further evidence of our Velocity strategy in action, strengthening our market leadership in combining product innovation and sustainability, and positioning Speedy well in a high growth segment of the market.
Alongside investments such as our partnership with Niftylift and our proposed joint venture with AFC Energy, the acquisition progresses the sustainable and technological evolution of the sectors we operate in, supports our ambitious plan to become a net zero business by 2040 and will deliver long term benefits to our customers, our people and our investors."
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