Speedy Hire, the U.K.’s largest equipment and tool rental company, has renegotiated the terms of its debt with its banks, reworking the terms of its £325 million credit facility, now reduced to £300 million. Speedy said it expects profits to be at the lower end of the £33 million to £38 million range for its financial year ended March 31, 2009.
The amended £300 million (about U.S. $444 million) loan facility expires in June 2012.
Speedy, based in Newton-le-Willows, Merseyside, England, said it was on track to achieve a projected annual cost savings of more than £42 million (about U.S. $62 million).
