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Outlook uncertain for HSS Hire

Published: 28 July 2009
DIY rental company in talks with lenders about the future of the business.
HSS Hire, which operates 250 stores across the UK is expected to breach its banking covenants in September, according to a report in The Times.

The company and its lenders were said to be close to appointing a restructuring specialist to conduct a strategic review of the business last Friday.

A spokeswoman for the company said: HSS is going through a process to negotiate amendments to its banking agreements in order to progress its growth plans both organically and acquisitively."

She added that the company "is able to meet its debt service requirements" and that HSS is "trading strongly in challenging market conditions" while still outperforming major competitors in the marketplace.

HSS Hire was founded by Bert Taylor in 1957 when he opened a dedicated tool and equipment hire shop in Baron's Court Road, Kensington, realising there was a gap in the market after his sister needed to borrow a ladder.

In 2007 the company was sold to Och-Ziff Capital Management Group and Aurigo - the investment group headed by ex-Asda ceo Archie Norman.

Comments

Published prior to March 2014
By TAFF CLASH
I HAVE WORKED FOR THE COMPANY FOR THE LAST 4 YEARS AND ITS THE BEST COMPANY I HAVE WORKED FOR AND YES TIMES ARE HARD AT THE MOMENT AND EVERYBODY WORRIES ABOUT THERE JOB BUT I SURE WE WILL GET THROUGH ALL OF THIS AND THE GOOD TIMES WILL BE BACK BUT DONT FORGET ITS NOT JUST HSS FINDING IT HARD ITS THE WHOLE COUNTRY COME ON HSS WE CAN DO IT

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