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Hirer Lloyds buys 'parent'

Plant

MIDLANDS hoist-to-access hirer Lloyds Equipment Hire has bought out former parent Lloyds British Testing in a deal 'worth in excess of £5 million', according to the company.

The acquisition, from Norwegian crane manufacturer KCI Konecranes, comes a year after Lloyds Equipment Hire was spun off in a management buy-out.

The new company, Lloyds Equipment Group, will offer a complete package for lifting equipment hire, fabrication, testing and inspection.

Managing director Ian White said: 'There are further acquisitions planned in the near future to broaden into the lighter industrial sector.'

Since the MBO, Lloyds has increased sales by 57 per cent and total turnover of the two companies is now £15 million.