The Welsh hire industry is a fascinating place to work of late, having given the UK some of the biggest and most innovative businesses in the space. This week, a Newport-based plant hire firm has announced that it has been acquired; sold for a respectable £1.2m.
The Welsh business, LDH Plant, is now owned by Yorkshire firm, Ward Woolston. The deal was made possible by the injection of an HSBC funding package; one that we see the meeting of two wonderful hire business minds. This has allowed Ward Woolston to add South Wales to its ever-growing portfolio, already operating in Bristol, Oxfordshire, and Warwickshire.
Wanting to become the biggest plant hire business of its kind, Ward Woolston are planning to reach a turnover of £5m over the course of the next five years, believing this investment to help them on their way to such an ambitious figure.
Scott Woolston, managing director of Ward Woolston, displayed a great level enthusiasm when making the announcement. Talking to the press, he said:
“We’re thrilled to have joined forces with LDH Plant and look forward to expanding our operations and services into South Wales.
“We have achieved consistent growth year-on-year and are working to enhance this progression in the near future.”
Tony Leech, HSBC’s area director for business banking in the north, was just as excited to see this deal closed.
“Scott Woolston and his team have a fantastic growth forecast, and the creation of new job roles within the business is positive news for the South Wales job market.
“We’re delighted to have played our part in the expansion of the group” he said.
With the two businesses currently enjoying a combined turnover of £16m; the bar is certainly set high for this new venture. Let us know what you think; will this acquisition result in a £5m turnover in the next 5 years?