Lloyds sells truck hire firm to Ryder for £151m

Vehicle hire business Ryder yesterday unveiled a deal with Lloyds Banking Group to acquire truck rental firm Hill Hire for £151 million.

The transaction involves 13 UK depots and about 4,000 HGVs and other equipment, as well as the transfer of Hill Hire's 297 staff.

Hill Hire was founded in Bradford in 1990 and became part of Lloyds through an acquisition by Capital Bank, part of Bank of Scotland, in 1999.

Hide Ad
Hide Ad

BoS-owner Lloyds, which operated Hill Hire as part of its Asset Finance business, said the disposal formed part of its strategy to offload non-core assets. The value of the business on its books was 167m.

Under the combined operation, Devises-based Ryder Europe will have a fleet of more than 10,000 HGVs and serve in excess of 5,000 customers.

Managing director David Hunt said: "Hill Hire is a well- respected and successful business. The completion of this acquisition supports our continuing growth strategy."

The European arm of Ryder, which was established in 1971, operates from 23 locations in the UK and works with local councils, fire and health authorities and the Ministry of Defence to provide rental vehicles and maintenance. Hill Hire's depots include one site north of the Border, in Glasgow.

Related topics: