The spending continues an ambitious investment programme over the last five years which has seen £200m pumped into company products and acquisitions.

Investment in the hire fleet exceeded £142m over the period which enabled the company to add more than 14,000 buildings and 4,000 generators across the three hire companies, Wernick Hire, Wernick Events, and Wernick Power Solutions.

Another £30m has been invested across the group’s estate including freehold purchases and development works of existing and new sites.

Key projects included the construction of a new head office, new depots in Hull and Ampthill, major redevelopment of depots in Bury St. Edmunds, Cheltenham, Dartford, Eggborough, Mansfield, Leeds, Lochgelly and Wickford, and additional production space at the factories in South Wales and York

The company also made strategic acquisitions investing £33m to acquire Power-Rite (UK) Ltd, AV Danzer Ltd and Portable Building Sales Ltd alongside asset purchases from Interserve, Adlington Welding Supplies and Robert Purvis Plant Hire Ltd.

Wernick Hire said it will continue to invest £2m per month in its hire fleet this year adding around 2,500 buildings while Wernick Power Solutions has £5m available for capital spending in 2023.

Jonathan Wernick, Chief Executive Officer said: “We firmly believe that investment is a core value, not just a business strategy.

“We understand that continuous investment in our products and business infrastructure is the key to securing a prosperous future, both for our company and for our customers.

“That’s why we’ve made significant investments in these areas, and we’ll continue to do so to fulfil our commitment to delivering the very best products and services to our customers.”