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Sun May 16 2021

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Speedy rescues Lloyds British

19 Dec 16 In the week before Christmas, Speedy Hire has saved 200 jobs by buying Lloyds British Testing out of administration.

Administrators from PwC were called in at Lloyds British on 24th November, putting 200 jobs on the line. But Speedy has now purchased the brand, business and assets.

Lloyds British carries out testing, certification, and inspection of lifting equipment, and training from 12 offices across the United Kingdom.  The company dates back to 1812.  

Speedy said that Lloyds British complemented its existing lifting, testing and training businesses. Pro-forma normalised EBITDA for the year ending 31st December 2016 will amount to approximately £1m.

Speedy chief executive Russell Down said: "This acquisition gives us the ability to provide enhanced training, testing and lifting services to our customers, and realise synergies with our existing lifting business. I would like to warmly welcome Lloyds British employees to Speedy."

Lloyds British failed because of falling revenues and cost pressures in the last financial year, PwC said last month. It blamed both external factors such as the decline in overseas markets and oil and gas price volatility, and internal factors such as the cost of consolidating and restructuring UK operations. Lloyds British had continued to trade while in administration.

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