News Item: HSS The Hire Service Company Confirms Completion of New Investment
HSS The Hire Service Company (THSC) has confirmed that Competition and Markets Authority (CMA) conditions have been satisfied and changes proposed to the HSS Group earlier this year have now been completed.
As part of this, THSC welcomes new private equity investment from Endless LLP to support them as they begin a new chapter as a standalone hire company, whilst their former sister company HSS ProService has formed a new commercial agreement with Speedy Hire.
Working with Endless – who include companies like Crown Paints, Menzies Distribution, Hovis and the West Cornwall Pasty Company in their past and present portfolio – will give THSC the financial strength and strategic backing to focus on its core strengths and to continue delivering the people-focused hire service that customers value and trust.
Endless will provide financial investment through their SME focused ‘Enact’ fund, as well as working alongside THSC management team and offering hands-on support to deliver future focused strategies.
Jon Overman, CEO of HSS The Hire Service Company, said: “This new investment marks the start of a new standalone chapter for The Hire Service Company. With the backing and expertise of Endless, we’re in a strong position to invest in our service, in our colleagues, and in the people-focused customer experience that sets us apart.”
The changes have meant some restructuring for THSC, including the closure of a number of depots around the country, and Jon recognises the impact this has had on colleagues: “The transition has brought some difficult changes for us and I’m incredibly proud of the professionalism, resilience and commitment the team has shown during unsettling and emotional circumstances. Their dedication to keeping customers supplied, and to supporting each other, has been inspiring, and that people-first spirit will continue to define who we are.
“I’m also really grateful to our merchant partners, who have been so supportive as we reshape the business and who continue to work with us to offer our hire service to customers.
“As we move forward our focus is simple, to do what we’ve always done best: proudly provide great blue and yellow equipment with great blue and yellow service and genuine human support from a friendly team with a can do attitude. We’re a people-first business, and that’s exactly what we’ll continue to be.”
Paul Denvers at Endless LLP added: “We’re delighted to be supporting HSS The Hire Service Company as it enters this new phase. THSC has a strong and respected heritage, a loyal customer base and a team that truly cares about personal service. It’s a great company and our investment and support will help them navigate the short term challenges and build on those strengths to ensure they’re well-positioned for long-term success.”
HSS The Hire Service Company now has 5 large distribution depots as well as over 60 branch locations with builders merchant partners, ensuring a strong and responsive local service in southern, eastern and central areas. A national partnership with Selco offers connections further into the Midlands and the North whilst a competitive rehire service also means they can continue to support large account customers nationwide.