Pound Shop: HSS Sold & Renamed ProService Building Services Marketplace

HSS Hire Group has announced that it will sell its UK hire business HSS to private equity company Endless LLP for £1.  

The deal comes as HSS unveiled its delayed financial accounts for the 15-month period to 31 March 2025. The business made a pre-tax loss of £130.1 million on revenue of £379 million.

The group said it delivered a “solid performance” as it continues to navigate a “challenging market environment” as it focuses on splitting the business into two distinct operations.

HSS said this move was part of its transition away from its asset-intensive hire operations to is capital-light, digital marketplace ProService.

As part of its strategy, ProService has entered a new five-year commercial arrangement with Speedy Hire and Speedy Asset Services (AS).

Speedy AS will become the main equipment supplier to ProService, replacing HSS The Hire Service Company.

Meanwhile, HSS will be renamed ProService Building Services Marketplace. The transaction will also result in Speedy Hire owning 9.99% of the enlarged share capital of the renamed group.

There is also an option for Speedy to extend its arrangement with ProService for another three years.

Around 100 employees will transfer from Speedy AS to ProService, while 300 employees will transfer from THSC to Speedy AS.

The hire and services supply agreement will see Speedy Asset Services (SASL) become the principal equipment supplier to ProService, estimated at £50m-55m in revenues per annum, as well as offer test, inspection and certification services to ProService customers.

SASL will also buy all HSS core equipment on hire to ProService customers and acquire three HSS service centres to expand Speedy’s network.

In return, ProService will act as fulfilment provider for all SASL requirements for its customers for the supply of rehire items and certain resale items and provide industry-related training.

“This is a transformational agreement for Speedy, made possible by the progress of the group under our Velocity growth strategy,” said Speedy’s chief executive Dan Evans. “It will provide Speedy customers with greater choice and an enhanced service, while providing ProService customers the ability to indirectly access our national network, larger equipment fleet and faster delivery capability.”

The agreement is expected to be “significantly accretive” to earnings and operating margin in the first full year post completion and will see the creation of around 300 new Speedy jobs.

HSS said the move was part of its transition away from its asset-intensive hire operations to is capital-light, digital marketplace ProService.

Speedy AS will become the main equipment supplier to ProService, replacing HSS The Hire Service Company.

Steve Ashmore, executive chairman of ProService said, “This transformational agreement with Speedy Hire marks a major milestone in scaling our marketplace business. The commercial agreement enables ProService to focus solely on its growing, asset-light marketplace model, unlocking significant value for our shareholders and customers. With increased scale and breadth, the business is now well positioned for profitable growth.”

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