A growing tools and plant hire company has expanded into the region after snapping up long-established Newcastle group Lord Tool Hire.
Lancashire-based One Stop Hire has acquired the family-owned company in an undisclosed deal, taking on its eight depots across the North East.
Lord Tool Hire was established 50 years ago and is now a leading independent tool hire stockist with depots in Alnwick, Blaydon, Blyth, Durham, Middlesbrough, Newcastle, South Shields and Sunderland.
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Meanwhile One Stop Hire has 14 depots ranging throughout the North West, Yorkshire, and the Midlands and managing director Steve Hichen said the North East is a great fit for its continued growth.
He said: “We have seen growing enquiries from our clients who are now winning work in the North East and when the opportunity of Lord Hire came along it made perfect sense.
“The fact that Lord Hire was a long-established name and a family-owned business was another big factor as it was apparent that we share the same values. We look forward to continuing the 50-year journey of Lord Hire and expanding its services to align with our own.”
Chris Rowley, director at Lord Tool Hire said: “I want to say a huge thank you to One Stop Hire for investing in the North East and wish them every success for the future. It is great to enable the company to grow and develop.”
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The family owners of Lord Tool Hire were advised by MHA Tait Walker and Hay & Kilner LLP. One Stop Hire was advised by Fairhurst accountants and Lockett Loveday McMahon solicitors.
Mr Rowley added: “The advice and guidance our advisors provided was second to none and we are extremely grateful to them for all their help and support.”
Steve Plaskitt, head of corporate finance at MHA Tait Walker said: “We have enjoyed working with the family to complete the deal and believe that with Steve Hitchen and One Stop Hire we found the right buyer for the continued growth of Lord Tool Hire. We give exiting managing director, Chris Rowley, our best wishes for his retirement.”
Ben Jackson, associate in Hay & Kilner’s corporate team, said: “It has been a pleasure working on this transaction and we are delighted for the shareholders. Lord Tool Hire has an impressive and successful history, and we wish One Stop Hire the best in taking the company forward.”
Rob Loveday at LLM solicitors added: “We have acted for One Stop since it was acquired by Steve Hitchen and are delighted to be involved in this exciting acquisition.”