HSS & Speedy transaction gets approval and is finalised

The previously announced agreement between HSS Hire Group and Speedy has been approved by the UK’s competition authority.

Speedy will be a 10% shareholder of the ProService Building Services Marketplace (ProService) and will be the main rental supplier to the ProService online platform, generating estimated annual revenues of £50-55 million for Speedy.

HSS has also announced the departures of its CEO, Steve Ashworth, after eight years with the business, and Richard Jones, group CFO. Jones will step down on 30 January 2026 and work part-time until the end of March 2026. The CEO of ProService is Tom Shorten and Greig Thomas is CFO of HSS ProService.

At the same time, the disposal of HSS’s physical rental business, The Hire Service Company (THSC), to Project Mansell Newco Limited, a new company owned by private equity firm Endless LLP, has been completed.

THSC will now trade separately from ProService, although will maintain its agreement to supply powered access to ProService in the South East of England.

Speedy to supply HSS ProService

Under the new arrangements, Speedy will be the main supplier of equipment to HSS ProService, a wholly-owned subsidiary of ProService, with the option for that agreement to be extended by three years. HSS ProService will trade under the website www.hssproservice.com.

ProService also becomes Speedy Hire’s sole supplier for rehire and resale.

The stand-alone The Hire Service Company (THSC), whose website is www.thehireservicecompany.com, continues to trade and responded to rumours about multiple depot closures with a LinkedIn post today saying that while a number of branches will be closed, “we do still have five large distribution depots and over 60 branches with our builders merchant partners.

“We’ll offer a strong local service in southern, eastern and central areas whilst our national partnership with Selco gives us good connections further into the Midlands and the North.”

What they said

Dan Evans, CEO of Speedy, said; “We are delighted that our commercial agreement with ProService is now live. This is a significant milestone for Speedy made possible by our Velocity growth strategy.

“The deal, expected to be worth £50-55 million of annualised revenue, will be significantly earnings accretive in its first full year of trading, following a period of integration. We look forward to working with ProService going forward.”

Tom Shorten, CEO of HSS ProService Marketplace, said; “Contractors and trades want value and efficiency. They want clear pricing, availability, and confidence that equipment will be there when needed. Our technology is the key to this.

Tom Shorten, CEO, HSS ProService Marketplace. (Image: HSS ProService)

“Bringing Speedy into the HSS ProService Marketplace means we can offer a deeper fleet, a wider footprint, and a single digital platform that simplifies the process end-to-end. For a site manager, that means fewer phone calls, less admin, and better control of hire spend.

“Brick by brick, we’ve been building a digital business that’s fit for the future of this industry and this partnership represents a major step forward in how equipment can be sourced, supplied, and managed across the industry.”

Alan Peterson, non-executive chairman of ProService, paid tribute to both Steve Ashworth and Richard Jones; “Steve has been instrumental in successfully executing the multi-year strategy to transform the group into ProService, an important and exceptionally well-positioned digital marketplace for building services. I would like to thank him on behalf of the Board for his enormous contribution over the past eight years.

“Furthermore, Richard [Jones] has provided invaluable support and leadership over the last year as we successfully sold HSS Hire Ireland, strengthened our finance facilities and secured the transformational, long-term commercial supply agreement with Speedy Hire and sale of THSC.”

ProService trading update

ProService said that since the announcement of the deal on 6 October ProService had been trading with Speedy Hire on a limited basis and it had proven to be an “operational success”.

“ProService’s systems are in the process of being integrated to allow an automatic feed of contracts such that Speedy Hire will receive ProService’s orders and ProService will receive Speedy Hire’s orders for rehire, re-sale and training”, said the company.

It added that trading for the continuing operations of ProService has been subdued due to continued difficult market conditions; “Whilst revenues for ProService are expected to be broadly in line with market expectations completion of the transaction has taken longer than originally forecast resulting in the continuing operations of the group being impacted operationally during the period post announcement and having to carry additional costs.”

ProService said the market consensus for its financial year 2026, excluding its former THSC business, would be revenues of £274.8 million.

The Hire Service Company view

The Hire Service Company (THSC) now begins life as a stand-alone bricks and mortar rental business, owned by private equity invester Endless LLP.

Endless is a significant player in the UK’s private equity world, either current- or past-owners of national brands including Crown Paints, Menzies Distribution, Hovis and the West Cornwall Pasty Company. THSC said Endless will give it the “financial strength and strategic backing to focus on its core strengths and to continue delivering the people-focused hire service that customers value and trust.”

Jon Overman, CEO of HSS The Hire Service Company, said: “This new investment marks the start of a new standalone chapter for The Hire Service Company. With the backing and expertise of Endless, we’re in a strong position to invest in our service, in our colleagues, and in the people-focused customer experience that sets us apart.”

The new structure has meant a restructuring at THSC, including the closure of a number of depots around the country; “The transition has brought some difficult changes for us and I’m incredibly proud of the professionalism, resilience and commitment the team has shown during unsettling and emotional circumstances”, said Overman.

“Their dedication to keeping customers supplied, and to supporting each other, has been inspiring - and that people-first spirit will continue to define who we are. I’m also really grateful to our merchant partners, who have been so supportive as we reshape the business and who continue to work with us to offer our hire service to customers.

“As we move forward, our focus is simple — to do what we’ve always done best: proudly provide great blue and yellow equipment with great blue and yellow service and genuine human support from a friendly team with a can do attitude. We’re a people-first business, and that’s exactly what we’ll continue to be.”

Paul Denvers at Endless LLP added: “We’re delighted to be supporting HSS The Hire Service Company as it enters this new phase. THSC has a strong and respected heritage, a loyal customer base and a team that truly cares about personal service.

“It’s a great company and our investment and support will help them navigate the short term challenges and build on those strengths to ensure they’re well-positioned for long-term success.”