A record 125 “hire” companies were created in the United Kingdom in February according to Duport Associates, a leading company-formation agent in the U.K., with plant hire — the U.K. term for equipment rental — being one of the most popular types of hire companies created.
The previous record was 107 set in March 2007.
“There is just less cash available to businesses right now because of low sales, tighter margins and less bank lending,” said Peter Valaitis, managing director of Duport. “That doesn’t change the fact that companies and people still need to get their hands on certain equipment to carry on. It makes sense that more of us are turning to the concept of hiring rather than buying the things we need to operate.”
