HSS Hire Group has finalised the sale of its UK hire business, The Hire Service Company (THSC), to Project Mansell Newco Limited, a firm backed by investment funds managed by Endless LLP. The transaction, valued at £1, includes a £26 million contribution from HSS to facilitate the deal.
The divestment marks a strategic shift for HSS as it moves away from traditional asset-heavy operations to concentrate on its capital-light digital platform, ProService. In line with this transition, the company has entered a five-year agreement with Speedy Hire, naming it the primary equipment supplier to ProService.
Following completion, HSS will rebrand as ProService Building Services Marketplace, with Speedy Hire acquiring a 9.99% stake in the business. The arrangement includes an option to extend the partnership for an additional three years.
As part of the deal, approximately 100 Speedy employees will transfer to ProService, while around 300 from THSC will move to Speedy. Speedy will also assume lease liabilities for several THSC distribution centres.
In delayed results for the 15 months ending 31 March 2025, HSS reported a pre-tax loss of £130.1 million on revenues of £379 million, citing challenging market conditions during its structural reorganisation.
, to Project Mansell Newco Limited, a firm backed by investment funds managed by Endless LLP.){kind=link}