HSS Hire Group PLC CMA Unconditional Clearance (9445K)

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RNS Number : 9445K

HSS Hire Group PLC

19 December 2018

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO, OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION.

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

19 December 2018

HSS Hire Group plc ("HSS" or the "Company")

Competition and Markets Authority (CMA) Unconditional Clearance

HSS welcomes the announcement from the Competition and Markets Authority (CMA) that it has given unconditional clearance for Nationwide Platforms Limited, a wholly-owned subsidiary of the Loxam Group, to acquire UK Platforms Limited from HSS for a total Enterprise Value of GBP60.5 million.

This transaction (the "Disposal") can now progress to completion allowing HSS to make significant progress against its strategic priorities specifically (i) delevering the Group by reducing debt; and (ii) enabling greater focus on the core Tool Hire business.

We anticipate completion of the Disposal in early 2019 and will provide an update then on the impact of the Disposal on the financial position of the Group.

For further information please contact:

 
HSS Hire Group plc                                Tel: [phone] 
Steve Ashmore, CEO                                    Email: [e-mail] 
Paul Quested, Chief Financial Officer 
Jonathan Edwards, Investor Relations 
 Manager 
 
Numis Securities (Sponsor and Financial                     Tel: [phone] 
 Adviser) 
Stuart Skinner 
Stuart Ord 
Freddie Naylor-Leyland 
 
Teneo (Public Relations Adviser)                  Tel: [phone] 
Robert Morgan 
Shona Buchanan 
 
 

Notes to the editor

About HSS Hire

HSS Hire Group plc provides tool and equipment hire and related services in the UK and Ireland through a nationwide network of over 250 locations. Focusing primarily on the maintain and operate segments of the market, over 90% of its revenues come from business customers. HSS is listed on the Main Market of the London Stock Exchange. For more information please see www.hsshiregroup.com.

About UK Platforms

UK Platforms Limited specialises in the provision of Powered Access equipment nationwide across the UK, providing working at height solutions and access platforms to the construction, facilities management, and service sectors. UK Platforms Limited was acquired from the Haulotte Group in 2013 and now has a fleet of c.3,000 powered access machines including a range of diesel and electric aerial work platforms including scissor lifts, boom lifts and telehandlers.

About Loxam

Loxam is the leading equipment rental company in Europe with unaudited proforma consolidated revenue of EUR1,435 million in 2017 and approximately 7,900 employees. Loxam's network of more than 750 branches extends over 13 countries in Europe (France, Germany, the United Kingdom, Ireland, Belgium, Switzerland, Spain, Portugal, Luxemburg, the Netherlands, Denmark, Norway and Italy) as well as in the Middle East, Morocco and Brazil.

For more information please see www.loxam.com.

Disclaimer:

This announcement contains forward-looking statements relating to the business, financial performance and results of HSS Hire Group plc and the industry in which HSS Hire Group plc operates. These statements may be identified by words such as "expect", "believe", "estimate", "plan", "target", or "forecast" and similar expressions, or by their context. These statements are made on the basis of current knowledge and assumptions and involve risks and uncertainties. Various factors could cause actual future results, performance or events to differ materially from those described in these statements and neither HSS Hire Group plc nor any other person accepts any responsibility for the accuracy of the opinions expressed in this presentation or the underlying assumptions. No obligation is assumed to update any forward-looking statements

Numis Securities Limited ("Numis") which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting solely for the Company in relation to the Disposal and nobody else as a client in relation to the Disposal and will not be responsible to anyone other than HSS for providing the protections afforded to the clients of Numis or for providing advice in relation to the Disposal.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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December 19, 2018 02:27 ET (07:27 GMT)