HSS is to sell UK Platforms Limited to Lutterworth based Nationwide Platforms Limited, a wholly-owned subsidiary of the Loxam Group, for £60.5 million.
HSS will use the majority of the proceeds from the sale to pay down debt.
As part of the transaction, HSS has entered into a long term strategic commercial agreement with Nationwide to provide powered access equipment to complement HSS’s existing fleet.
Steve Ashmore, Chief Executive, said: “Since our Strategic Review last December we have made substantial progress against our strategic priorities by reducing costs, delivering major operational change, improving trading and re-financing. Today’s announcement is another step forward.
“It will accelerate progress against our strategic priorities, enabling further deleveraging through debt reduction and allow greater focus on our core Tool Hire business.
“The UK Platforms business has made an excellent contribution to the Group over recent years, but considering our priorities and focus on tool hire we feel it will reach its full potential under new ownership. We will continue to provide our customers with all of their powered access needs through our existing fleet and the new strategic partnership with Nationwide.”