AT THE HEART OF HIRE
HIRE OUTPERFORMS UK ECONOMY
We make no apology for continuing one of our most consistent themes throughout 2012 at the outset of 2013. Last March, our Forum considered the re-assuring growth figures released by several of the Top Ten hirers, under the heading ‘Hire Swims Against Economic Tide.’ In June, Forum argued that ‘Hire Punches Above Its Weight’ following our analysis of the latest financial results from the Tool Hire Top Three. In September, at the Exhibitor Kick Off Meeting for next month’s Executive Hire Show, we produced a graph to demonstrate how our hire industry continued to outperform ‘UK plc’, confidently stating:
• Hire is resilient • Hire is innovative • Hire is creative
• Hire is resourceful • Hire is dynamic
• Hire is entrepreneurial • Hire is diversifying
This issue sees the publication of our 12th annual Tool Hire Top Ten, which analyses the financial performance of our Top Ten tool and equipment hirers. Commencing on page 21, author Catherine Stratton’s opening salvo goes, ‘2012 was another disappointing year for the UK economy with little, or no, overall growth; against this backdrop, the indications are that the tool and equipment hire market is still growing.’
In our Top Ten analysis, Speedy’s Steve Corcoran is, perhaps, the most cautious, believing that 2013 might prove to be the toughest yet for the hire industry. His concluding message is, “anyone who does not believe the next year to 18 months will be difficult does not understand the market.”
On behalf of the hire activities of builders’ merchants, TP Hire’s Richard Dey believes the signs for the coming year are “encouraging”, with more specialist hire outlets within BSS Industrial, tailored to the plumbing and heating trade, planned, to be followed
by further expansion within TP later in the year. When we finally caught up with Hirebase’s Adrian Watts, he described 2012 as “an excellent year”, with four more new branches planned to open this year, and a further three within Buildbase’s Civils & Lintels business.
As the UK’s largest family-owned hire company, GAP’s revenues in its last financial year were back to almost pre-recession levels. Overall, GAP continues to prosper with Douglas Anderson anticipating turnover in the year ending 31 March 2013 to be around £100m.
This issue also reflects the progress being made by several leading independent hirers. Our Profile highlights Artisan Hire, which opened two outlets in the second half of 2012 to bring its network to six, with two more locations already identified. Chris Comer concludes our interview with the wonderful line, “as long as the national hirers concentrate on targeting national contractors, there will be more opportunities for independent hirers like us. In many ways, the independent’s time is now.”
Similarly The Hireman has just opened its third in east London. Neil Graham tells us “business is excellent and customers are busy. The Hireman has had its best ever quarter since its formation in 1985 and we are really positive about the future.” In this issue, we also visit Frank Key Hire and discuss its acquisition of Sinbad Tool Hire, and learn of its ambitions to open additional depots.
SEE Y OU AT THE SHO W
What is clear from interviewing all these hirers - together with those we talked to about their reasons for visiting next month’s Executive Hire Show - is that they are continuing to invest in their fleets and will continue to do so at the Show on Wednesday 6 & Thursday 7 February. With the surprising announcement of the tenfold increase in the Annual Investment Allowance, (see our invited expert’s comments on page 8), there’s never been a better time to visit - especially as our industry will be celebrating 40 Years of Hire Shows.
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Of particular interest is the Celebrating 40 Innovation Trail around the Main Hall and Top Tier. As our article on page 33 explains, selected exhibitors with innovative products will be highlighted by a large floor tile so that you can’t miss them. Assess the products that best fit your business, and decide on those that will open new market opportunities.
We look forward to seeing you at the Show.
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