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New owner agreed for working at height equipment provider

23 July 2018

Nationwide Platforms will be the new owner of UK Platforms, after a price of £60.5m was agreed with the company's current owner, HSS Hire.

It has owned UK Platforms since 2013, according to Insider Media, and has a fleet of approximately 3,000 powered access machines.

The company's new owner, Nationwide Platforms, is a wholly-owned subsidiary of the Loxam Group.

It has confirmed a long-term agreement with HSS Hire to provide powered access equipment.

Following the announcement, it was further stated that the proceeds from the sale would be used by HSS Hire to reduce debt.

This is part of the company's stated intention to both reduce its overall debt and place more focus on its core tool hire business.

Final confirmation of the deal is subject to the receipt of the approval of the company's shareholders.

Its chief executive Steve Ashmore described the announcement as "another step forward" in achieving strategic priorities of "deleveraging" and placing more focus on the core business.

"The UK Platforms business has made an excellent contribution to the group over recent years but considering our priorities and focus on tool hire we feel it will reach its full potential under new ownership.

"We will continue to provide our customers with all of their powered access needs through our existing fleet and the new strategic partnership with Nationwide," said Mr Ashmore.

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