000739 - Tool Hire Top Ten 23/1/09 19:13 Page 5
TOOL HIRE
TOP TEN 2009 continued
HIRE STATION LTD
Managing Director John Singleton
Head Office Fields Farm Road, Long Eaton, Nottingham,
NG19 3FZ
Telephone Number 0115 973 7400
COMMENT
Website www.hirestation.co.uk
Hire activities General tool hire, lifting and safety equipment,
Commenting on the big increase in the number of TP Hire outlets
air conditioning and heating equipment,
over the last year, Richard Dey explained the company had opened a
specialist fusion and pipe fitting equipment
Geographical coverage National
large number of ‘satellite’ locations offering a limited range of kit to
Status Subsidiary of Vp plc, a public company listed
collect, whilst orders for delivery are passed to the nearest hire
on the London Stock Exchange centre. He stressed that TP Hire’s main focus for 2009 was on
offering “a quality service to our Group customers. We still have a
COMMENT tremendous amount of headroom with customers that trade with the
Group and this remains our key target area.” In summing up his
Hire Station has continued its policy of making strategic acquisitions
expectations for 2009, Richard Dey affirms, “whilst we expect trading
to improve both its geographical and product coverage; its latest was
conditions to be tough, we will continue to experience solid growth.”
that of Power Tool Supplies, a well established Brighton tool hire and
sales company.
GAP GROUP LTD
The half year results of Vp (issued in late November 2008) showed
Joint Managing Directors Douglas and Iain Anderson
that, in the six months ended 30 September, Hire Station had
Head Office Carrick House, 40 Carrick Street, Glasgow,
G2 8DA
generated revenues of £28.9m, a fall of 1.5% on the same period of
Telephone Number 0141 225 4600
the previous year, but operating profits, before amortisation, had
Website www.gap-group.co.uk
grown 22.5% to £4.2m. The accompanying statement indicated that
Hire activities Non-operated plant and tools
revenues had been affected by the depressed demand for cooling Geographical coverage National
equipment during the poor summer and that the comparative period
Status Private company owned by the Anderson family
of 2007 had been boosted by remedial flood work.
COMMENT
John Singleton admits to feeling cautious as New Year trading begins;
The year ended 31 March 2008 was a record one for GAP Group, as
he believes a slow start is inevitable. He considers that the main
its profits rose by almost 50% to £8.8m. The performance was helped
problem for hirers is activity levels, but he says that this does not
by the fact that the company opened no new depots in the year.
appear to have led to any general pressure on hire rates.
Very recently, it opened a non-mechanical plant depot in Shotts,
midway between Glasgow and Edinburgh. This specialist operation is
Hire Station went through significant re-organisation four years ago
a new departure and has been set up by taking the non-mechanical
and this should give the company an advantage in the current
equipment held at GAP’s seven other depots in the central belt of
market. It has also built up its specialist activities, which John
Scotland. Thus it will free up space and time for the other depots,
Singleton says are holding up well. In particular he selects the safety
allowing them to focus fully on mechanical equipment.
operation ESS, which he describes as “going like a train.” Overall,
Hire Station is still pursuing a growth strategy, which the MD says is
Douglas Anderson says that GAP has no plans to close any depots
evidenced by his current recruitment of a Sales Director.
despite the current economic problems. Its capital expenditure will be
cut back savagely this year to around £12m (in the year to March
TP HIRE
2008 it spent a record £44.8m). Between 2005 and 2008 GAP
Chief Executive (Travis Perkins) Geoff Cooper invested almost £120m, which gives it a very modern fleet and thus a
Group Hire Director Richard Dey degree of flexibility when it comes to replacement.
Head Office Lodge Way House, Harlestone
Road, Northampton, NN5 7UG
Douglas Anderson says that the company is finding considerable
Telephone Number 01604 752424
regional differences in conditions with its performance stronger the
Website www.travisperkins.co.uk/hire
further north GAP goes. He admits that bad debt is a cause for
Hire activities Small plant and tools
growing concern with the incidents now running at two or three a
Geographical coverage National
week. Like others, GAP’s priorities are now controlling overhead
Status Division of Travis Perkins plc.
costs and reducing debt, both in trading and balance sheet terms.
22
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