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Hire Station - Tools for hire and purchase for Industry, Construction & DIY

Brandon Hire Acquisition Announcement

Acquisition of Brandon Hire Group Holdings Limited

Vp plc, the equipment rental specialist, today announces the acquisition of the entire issued share capital of Brandon Hire Group Holdings Limited and its subsidiaries ('Brandon Hire') for a cash consideration of £41.6 million payable on completion and assumed net debt of approximately £27.2 million. The acquisition has been funded from new banking facilities with the Group's lenders.

Established in 1971, Brandon Hire is a major national tool and equipment hire business with over 900 employees, which operates from a network of 143 locations across the UK. Brandon Hire has an extensive customer base focused predominantly on small to medium sized enterprises ('SMEs') operating in regional and local geographic markets.

A well established, profitable business, Brandon Hire operates a full range of tool hire equipment with an operational model which is closely aligned to Vp's own specialist tool hire business, Hire Station.

The combination of the two businesses will, over the medium term, deliver economies of scale in purchasing and operations and will create a leading specialist tool hire business within the UK division of Vp plc.

Vp plc acquires Brandon Hire

Commenting on the acquisition of Brandon Hire, Jeremy Pilkington, Chairman of Vp plc, said: "The acquisition of a well established business of the size and quality of Brandon Hire is a significant development for Vp. We have, over recent years, developed an industry leading specialist tool hire business in the UK. This transaction represents a major step change in the scale and scope of our specialist tool hire offering.

The Vp and Brandon Hire business cultures are closely aligned and we look forward to working with all of the Brandon Hire employees in developing the business further over the coming years."

Neil Stothard, Chief Executive of Vp plc, said: "Brandon Hire is a long established, well managed profitable business which is an extremely positive addition to the Vp group. With an extensive branch network, Brandon Hire is an excellent geographic fit with our current specialist tool hire operations and we expect this acquisition to be earnings enhancing to the Group in the first twelve months of ownership."

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