Speedy Hire Signs Multiple-Year Deal with National Grid

March 27, 2013

Speedy Hire, the U.K.’s largest provider of tool and equipment rental said its U.K. and Ireland Asset Services Division has signed a contract with National Grid to provide equipment rental under a managed-services agreement worth as much as £6 million per year. The contract is for an initial period of three years with mobilization going into effect April 1.

Under the contract, Speedy Hire will act as National Grid’s managing agent to supply and coordinate all rental plant and equipment requirements for carrying out work on its gas and electricity networks. The contract will be fulfilled through utilization of both Speedy’s own fleet and through third-party sourcing as needed. The contract provides an option to extend for an additional two years.

During the first 12 months, the principal activity will be to carry out an initial audit of National Grid’s rental requirements, its network and in-house rental fleet, which are currently in place to meet those needs. The contract will involve a gradual transfer of activity, expected to reach peak transition levels in about 18 months, with a second potential phase focused on taking over the management of National Grid’s own assets.

The contract is an illustration of Speedy’s stated strategy of focusing on major contracts, with national scale and multiple equipment and asset-management requirements.

“The contract with Speedy will help National Grid drive further efficiencies across our U.K. business as we implement sustainable, innovative and affordable energy solutions for the future,” said Dave Angell, global procurement senior category manager for National Grid.

“The board’s strategy remains focused on generating high-quality, secure, long-term and transparent earnings across the group,” said Speedy CEO Steve Corcoran. “Speedy has established itself as the clear market leader in rental services for large volume users such as National Grid and Zadco who don’t just want to hire an asset, but want an end-to-end managed services solution that delivers the highest level of service and helps them manage risk.”

Speedy Hire is based in Newton-le-Willows, Merseyside, U.K.