National Hire Group Limited (“National Hire”) announces an agreement has been entered into to purchase the business of Ready Hire Australia Pty Limited. The purchase extends the National Hire branch network in South East Queensland from a single branch to 4 branches and demonstrates the intention to build distribution capabilities to ensure our customers are provided with consistent service levels and product range. Ready Hire operates 3 branches, Mayne and Beenleigh both suburbs of Brisbane, and Bundall a suburb of the Gold Coast. The purchase provides scale to our Brisbane business and will provide the platform for further growth of the branch network and our specialist business units. Immediate business improvements will be delivered by applying additional capital expenditure reducing the incidence of sub hire in that region. The Ready Hire branches currently provide annual revenues of approximately $3.6 million. The purchase of Ready Hire will be funded from the proceeds of the March 2004 share placement. For further information please contact: Stephen Donnelley Ray Harman 0418 266 844 0438 144 134
NHR Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
