Speedy Hire signs joint venture agreement
TOOL hire firm Speedy Hire said it had signed a five-year agreement with Carillion's joint venture with the Al-Futtaim Group in the Middle East and North Africa to provide light plant and equipment, asset management and logistical services.
Speedy Hire, which hires out everything from tools to portable accommodation and compressed air pumps, said the deal with Al Futtaim Carillion would help its international asset services unit to meet the exit run rate turnover target of over 10m at March 2010.
Along with a number of long-term Al Futtaim Carillion projects in the United Arab Emirates, Speedy Hire said it would also support other ventures in the region in due course.
Shares of the company closed at 28 pence on Monday on the London Stock Exchange.