Speedy Hire has entered into a three year services agreement with Babcock, which it hopes will generate total annual revenues of over £10m.
The new agreement will see Speedy Hire support Babcock’s UK division with an extended range of plant and equipment products and services.
Speedy Hires’ newly appointed chief executive, Mark Rogerson said: “This new services agreement builds on the existing support that Speedy already provides to Babcock’s marine & technology division.
“I am delighted that Babcock has given us this opportunity of broadening and deepening our relationship with them”.
Speedy Hire’s former chief executive Steve Corcoran announced he would resign in November 2013, after a £5m hole was found in its accounts, which resulted in its shares falling by 17.4 per cent in one day.
In December last year Babcock bought technical security consultancy, Context Information Security (ContextIS), for £32m.