Equipment rental specialist Vp has continued its expansion with the acquisition of a tool hire and sales company in Brighton.
Equipment rental specialist Vp Plc has continued the expansion of its branch network with an acquisition of a tool hire and sales company in Brighton.
The group added Power Tool Supplies to its portfolio in what is its seventh acquisition this year. The deal was agreed for £1.1 million and was settled in cash.
The transaction was completed through its Hire Station subsidiary, which focuses on supplying small tools and specialist equipment for the industrial and construction markets.
Vp chairman Jeremy Pilkington said Power Tool has been serving Brighton since 1983 and provides Hire Station with a quality addition to its network.
The other acquisitions the group has made this year include the tools and telehandler fleet of UCS Plant, which it bought in July for £900,000, and Northern Site Services in March for £1.6 million.
In the year to April 2008, Vp reported a £149.3 million turnover, a 23 per cent increase, with its profit before tax and amortisation leaping 39 per cent to £20.2 million.
During the same period, Power Tool made a pre-tax profit of £400,000 from a £2.3 million income.