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Speedy buys DAD

Tool hirer Speedy Hire has bought Cheshire firm DAD Hire for £300,000.
DAD, which operates from a single depot in Northwich and turns over £300,000, will be integrated into the existing Speedy Hire network in north-west England.

Speedy Hire also announced the sale of of Toilet Hire UK to a management buy-in team backed by the Bank of Scotland for £1.1 million.

The disposal of the £5.2 million business represents the exit of Speedy Hire from stand alone toilet hire, a small market with limited growth opportunities.

Speedy's preliminary results for the year to March 2005 will include an exceptional £600,000 loss on the disposal of Toilet Hire UK.

Chief executive John Brown said: 'It makes sense for Speedy Hire to switch out of low return sectors and concentrate on our core businesses in tool and equipment hire.'

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