Speedy Hire prepares to wield axe on 200 jobs

The Merseyside-based business, which was founded in 1977, issued its second profits warning in three months today, adding that it expects revenues at its core hire unit would be around 10 per cent below last year.

It said it was implementing cutbacks including £6m cut from staff costs.

The company did not spell out details of job cuts that would result, but it is understood that it will mean 200 jobs to go across the group, with around one third coming through redundancies and the rest achieved via natural wastage.

The business employs 3,200 people in the UK and Ireland and around 3,800 across the group, which also trades in the Middle East and Kazakhstan.

It said in its latest statement that it now anticipates profits will be weighted to the second half of the year and will be “materially below current market expectations”.