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Speedy denies HSS merger plans

4 Dec 15 Reports that tool hire chains Speedy and HSS are planning to merge have been firmly denied by Speedy.

HSS floated earlier this year but made a pre-tax loss of £14.1m in the first half of the year. Speedy is also loss making, reporting a £11.4m loss before tax for the six months to 30th September 2015. Both companies have also seen change at the top. HSS chief executive Chris Davies went in September and Speedy has lost both Steve Corcoran and Mark Rogerson in the past couple of years.

There have been reports of "a board bust-up" at Speedy. Speedy issued a statement yesterday that said simply: “Following recent press comment, Speedy confirms that it is not considering a combination with HSS.”

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