UK Platforms sale complete

HSS completed the sale of UK Platforms to Nationwide Platforms, a subsidiary of the Loxam Group, for £60.5 million ($78 million).

From the end of last year the total gross assets of UK Platforms was between £35 million ($45.1 million) and £37 million ($47.7 million), and EBITDA in the range of £11 million ($14.2 million) to £12 million ($15.5 million). The proceeds from the transaction will be used to reduce debt and enable greater focus on HSS’ Tool Hire business.

Announcement of the sale was first published in July last year and it was approved by the company’s shareholders at HSS’ general meeting held in August.