PC Harrington, which owns HTC Plant, said it had taken the “difficult decision” to sell to allow it to concentrate on the core tower crane operation.
All 41 staff at HTC’s hoist division, based in Sheffield, St Neot’s and Glasgow, have been transferred to Reco Hoist together with all contracts and agreements.
The deal gives Erith-base Reco the springboard to build a major national business.
PC Harrington Group MD, Duncan Salt, said: “The core activity at HTC is our tower crane operation, an area that we want to further develop and with the market right for investment we had to make a decision regarding our on going participation in the hoist rental market.
“We took the difficult decision and considered a sale as the best option. Reco Holding BV is an extremely reputable and well thought of hoist business, active in mainland Europe, who have wanted a UK operation for some time.
“This is a very good fit for them and a good deal for both parties.
“It gives Reco a ready made hoist operation in the UK and enables HTC to concentrate more actively on its core crane hire business, which is experiencing strong demand.”
Reco BV COO, Edwin Verpoort said: “We will carry on the activities of HTC hoists, optimising them where possible with the introduction of the Dutch programme of vertical transportation which includes mast-climbers and scaffold hire and sales.”