FAST-GROWING Groundforce, of Harrogate, a division of Vp plc, the equipment rental specialist, has announced its fourth acquisition in three years.
Groundforce, which claims to be the market leader in the rental, sale and design of shoring systems and allied services to the water, civil engineering and construction industries, has bought Trench Shore Limited of Tring, Hertfordshire, for £2.7 million. From its base in Otley Road, Groundforce increased turnover in the year to March 2003 from £8.6 million to £11.3 million. Now it expects this acquisition to boost sales by a further £4 million a year.
Trench Shore, which provides broadly similar products to Groundforce, has depots in Tring, Hertfordshire, in Maidstone, Kent, in Hilton, Derbyshire and in Runcorn, Cheshire. Groundforce has ten depots, with one in the south-east and one, in Northampton, serving the Midlands.
David Williams, Groundforce managing director, said: "One of the main drivers behind the deal was our ambition to increase our presence in the South East and to improve significantly our access to the Midlands market. Trench Shore is an excellent geographic fit."
The acquisition also widens the product range for both Groundforce and Trench Shore customers, who will now benefit from an extended product range including piling products, pipe stoppers, laser and survey equipment.
Mr Williams highlighted another potential benefit to Trench Shore's customers in the south. "We have the market-leading technical design department in our headquarters at Harrogate, and we anticipate establishing a similar department in the south, so improving our on-site service."
Looking ahead, he said: "Groundforce will continue investing heavily in new equipment and in refurbishing its rental fleet. The financial backing from the plc will bring obvious benefits to the future growth of Trench Shore."
Updated: 09:10 Tuesday, August 12, 2003
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