HEITON Holdings, the builders' merchants and Atlantic DIY group, has expanded into the plant hire business through the acquisition of Sam Hire Holdings and Leeway Properties. The consideration of £5.2 million will be met from Heiton's internal sources.
This is a new development for Heiton and the Sam Hire business is to be substantially expanded through Heiton's builders' merchants network. Heiton's group chief executive, Mr Richard Hewat, said the group was well positioned to capitalise on the integration of the new business.
Heiton plans to open "several" new plant hire outlets over a two year period to augment the existing nine Sam Hire branches. "They will be located in the existing builders' merchants facilities around the country and will complement the products and services already available to customers," a group statement said.
Sam Hire, established in 1979, has three branches in Dublin and employs 90 people. The other branches are located in Wexford, Waterford, Limerick, Galway, Sligo and Bray. It is involved in the hire of light plant and tools to both trade and retail customers. It hires about 450 products.
Leeway Properties is part of the Sam Hire business and owns two of the freehold properties, in Waterford and Limerick. The net assets of the group have a book value of £3.8 million, so there will be a goodwill item of £1.4 million. Around £600,000 of the assets are in cash.
Profit after tax amounted to £3.8 million in 1996.
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