Speedy backs chairman as boardroom row rumbles on

Grant Prior 2 years ago

Speedy Hire bosses are urging shareholders to vote against calls to remove executive chairman Jan Astrand.

Toscafund Asset Management wants Astrand to resign ahead of a general meeting which will be held on September 9 to decide his fate.

The investor owns 19.5% stake in Speedy and wants to see Astrand removed and replaced with David Shearer who is a turnaround specialist and the former chair of house builder Crest Nicholson.

Toscafund is pushing for a merger between Speedy and HSS which the investor also owns an 18% stake in.

Speedy has held a series of meetings with HSS but decided “that entering into a transaction at this time would jeopardise the potential for operating and financial improvements on a standalone basis and that this risk outweighed any potential merger benefits.”

The company added: “The Independent Board believes that Speedy’s recovery is now established, as evidenced by the improving revenue trend, and is a direct consequence of Jan Astrand’s immediate and urgent responses to the downturn in trading in June 2015.”

Latest plant news

JCB creates 600 jobs to meet boom in global demand

New jobs will be spread around Staffordshire and Derbyshire factories
2 weeks ago

Plantworx moves to Peterborough for 2019 show

Indoor and outdoor facilities of East of England Arena will stop show being blighted by bad weather
1 month ago

JCB starts production of hi viz dumpers

Latest range is designed to improve site safety
2 months ago

JCB boss Bamford bullish about UK economy

Digger giant boosts spending with UK suppliers by 13%
3 months ago

AGD Equipment to supply another rig to piling specialist Ivor King

Latest deal sees RTG machine added to fleet
3 months ago
AGD Equipment Ltd

Vp buys Brandon Hire for £41.6m

Major deal in the tool and equipment rental sector
5 months ago

CITB buys plant simulators to fill operator skills gap

Sixteen plant simulators will help to train next generation of operators
7 months ago

Shake-up of plant training system divides industry

Changes by CITB come under fire from contractors and training specialists
8 months ago

Plant operators get in-cab entertainment

Latest Hyundai loader boasts car-style "infotainment" system
9 months ago

JCB launches Hi-Viz dumper

Machinery giant launches new model in a bid to prevent site accidents
10 months ago

VP bullish about construction prospects after record results

Equipment rental specialist enjoys growth across all sectors
10 months ago

Countdown to largest UK plant show

More than 15,000 people set to visit Leicestershire Plantworx show in early-June
10 months ago

Worker killed by reversing telescopic handler

Tragedy on disorganised site with no segregation between vehicles and workers
10 months ago

Speedy bounces back into the black

Turnaround plan lifts plant hirer into £14m profit after £58m loss in 2016
10 months ago

Contractors keen on new site huts from Mobile Mini

Site accommodation specialist invests £1m in new fleet of Groundhog units
11 months ago

Vp swoops on specialist M&E hirer

Jackson Mechanical Services M&E tool hire arm sold for £3.6m
12 months ago

HSS racks-up £17.4m loss as closures continue

Equipment hire specialist optimistic as branch and distribution network streamlined
12 months ago

Banner Plant expands into Leicestershire

Banner Plant swoops on independent rival Premier to strengthen East Midlands offer
12 months ago

Fairfax buys 80 Hitachi 8t diggers

Selby hirer places biggest order in company's history
12 months ago

Company fined £700,000 for MEWP death fall

Washing machine giant fined after 66-year-old contractor dies during factory repair work
1 year ago

A-Plant snaps up Kier’s hoist business

Kier sheds last of plant and equipment interests
1 year ago

Mick George on the hunt for franchised drivers

Contractor looking for drivers to take on franchises at construction haulage arm
1 year ago

Loxam ups bid for Lavendon to £459m

Belgian and French giants slug it out for control of Leicester-based powered access specialist
1 year ago

Plant hirer Hewden crashed owing £240m

Unsecured creditors told there is little prospect of being paid
1 year ago

Plant hire boss jailed after platform collapse kills worker

Court hears how mobile platform boom should have been replaced rather than repaired
1 year ago

127 Hewden cranes on the block

Administrator calls in auctioneers after failure to find a buyer
1 year ago

JCB workforce agrees 2.2% pay rise for 2017

3,200 strong workforce accepts three-year pay deal
1 year ago

Bidding war hots up for control of Lavendon

European giants battle it out for control of UK powered access specialist
1 year ago

Ashbrook Plant Hire saves Hewden workers jobs

Rival hirers make move on collapsed Hewden's depots
1 year ago

Terex sells Coventry dumper factory

French maker Mecalac swoops on backhoe, dumper and roller plant
1 year ago

Contractor services