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Progress made to date has been good. Speedy Hire has begun afar-reaching investmentp rogrammet o help improveL iftingG ear'so peratingp erformancew, hich is anticipatedto yield returnso n a par with the existingS peedy Liftingb usinessi n due course. Source: Speedy Hire. Page 58 Appendix Ten - Office of Fair Trading Report Anticipateda cquisitionb y SpeedyH ireP lco f the tool hired ivisiono f Hewden Stuart Plc The OFT'sd ecisiono n referenceu nders ection3 3(1)g iveno n 25 July 2007 Fullt exto f decisionp ublished1 August2 007. Please note that square brackets indicate figures or text which have been deleted or replaced with a range at the request of the parties for reasons of commercial confidentiality. PARTIES 1. Speedy Hire Plc ('SpeedyH ire')i s a toola nd equipmenth irec ompanyl istedo n the London Stock Exchange. 2. Hewden Hire Centresi s the tool hireb usinesso f HewdenS tuartP lc,a UK toola nd planth irec ompany,w hich is itselfa n indirects ubsidiaryo f FinningI nternationaInl c HewdenH ireC entrest' urnoveri n the UK in the most recentf inanciayl earw as t89.8 million. TRANSACTION 3. The partiesa nnouncedo n 14 June 2007a n agreementu nderw hichS peedyH irew ill acquiret he assetso f HewdenH ireC entresf or t1 15 million. 4. The Officeo f FairT rading's( OFT) statutoryd eadlinef or decidingw hethert o refert he mergert o the CompetitionC ommissioni s 26 July2 007. JURISDICTION 5. As a resulto f this transactionS peedyH ire and HewdenH ire Centresw ill ceaset o be distinctT. he UK turnovero f HewdenH ireC entrese xceeds€ 70 million,s o the turnovert est in section2 3(1Xb)o f the EnterpriseA ct 2002 (the Act) is satisfiedT. he OFT thereforeb elievest hat it is or may be the case that arrangementsa re in progresso r in contemplationw hich,i f carriedi nto effect,w ill resulti n the creationo f a relevant merger situation. RELEVANTM ARKET 6. SpeedyH irea nd HewdenH ireC entreso verlapin the supplyo f toola nde quipment hires ervicesU. nlikes omeo f theirc ompetitortsh, e mergingp artiesa ren ota ctivein the hireo f heavyp lant.Tl he distinctiobne tween't ools'',e quipmenat'n d' plant' seemst o be blurreda ndt he classificatioonf hirep roductsv ariesb etween companieas nd industryc ommentators. 7. Hiredt oolsa nde quipmenat re predominantulys edb y customersin the construction industryw, itho therc ustomegr roupsin cludingb uildings ervicese ngineersu,t ilities andt ransporitn dustryo peratorsa,n dD IYe nthusiasts. t sucha sc oncretpeu mpinegq uipmenctr,a nese,a rthmovienqgu ipmenlat,r gep owereadc cess equipmenctr,u shinpgl antr,o adm akinge quipmeannt dt unnellinegq uipment. Page 59 8. The rangeo f productst ypicallyo fferedf or hireb y SpeedyH ire and HewdenH ire Centres includes: |
