Toilet Hire UK, the largest independent provider of portable toilets and washroom facilities, with on-site servicing, has been bought out of Speedy Hire plc in a deal advised on by Clearwater Corporate Finance.
The Haydock-based company has ten depots across the UK. Toilet Hire has a strong customer base in the construction and events markets with blue chip names including; AMEC, Morrison Utilities, Carillion and Mowlem.
The buy-in/buy-out team is being led by former Speedy Hire director, Mike Greenough who now takes on the role of Toilet Hire’s managing director together with John meadows as finance director and Dennis Lawless as transport director.
Commenting on the deal Greenough said: “This is an excellent business with a comprehensive product range and nationwide coverage. We have a strong market awareness which has been developed through a solid reputation for service and delivery and we will be ensuring we build on Toilet Hire’s success.”
With a £5 million plus turnover Toilet Hire currently employs 98 staff throughout the country with depots located in Haydock, Retford, Droitwich, Gloucester, Bridgend, Luton, London, Bracknell, Chichester and Bury St Edmonds.
Clearwater partner Carl Houghton and director Brian Millrine advised the buy-in/buy-out team. Houghton said: “We knew that the business was seen as non-core within Speedy. With Mike being a former main board director the deal felt much more like a buy-out than a buy-in and we’re sure Mike and this team will make a tremendous success of the business.”
Mike, John and Dennis combined have 75 years experience in the construction industry covering building, civil engineering utilities, house building and plant hire and have worked together as a team for over 15 years.
The debt-only deal was backed by HBoS led by Peter Smith. The Preston office of Brabners Chaffe Street advised the MBO/MBI team. The legal team was led by corporate partner John Boydell and included corporate barrister Melanie Reilly, assistant solicitor Catherine Johnson and property partner Ross Shine.