Fox Brothers acquires Clive Hurt Plant Hire
Blackpool-based Fox Brothers has completed the multi-million-pound acquisition of Clive Hurt Plant Hire, which is regularly listed as one of the county's best-performing SMEs in Lancashire Business View's annual Hot 100 list.
Fox is a specialist haulier of aggregates, recycled materials and earthworks. Clive Hurt holds an inventory of around 400 pieces of equipment and 80 wagons. The deal includes Clive Hurt’s Sandham House depot in Leyland.
Together, they form a business with a yearly turnover in excess of £50m, 320 employees and a fleet of around 150 wagons, with strengthened buying power to acquire further wagons, plant, equipment, fuel, tipping and aggregates.
The group management team will be led by group managing director Paul Fox, director Alan Fox, group commercial and strategic director John Flood, commercial director Lee Stringer and operations manager Richard Hurt. Clive Hurt, who founded the business in 1971, retains a role within the new organisation.
Fox Brothers and Clive Hurt Plant Hire will continue under their existing brands, and day-to-day operations will be carried out from their respective locations.
Paul Fox said: "This acquisition is an incredible opportunity to unlock the potential of both businesses. Even before this deal we were considered leaders in our respective fields, now, it will create further opportunities for the two firms to take advantage of. We both have strong skillsets that can be brought together very effectively.
This acquisition is an incredible opportunity to unlock the potential of both businesses
"We will be one of the main providers of earthworks and aggregates transport in the North West and we will be able to provide a ‘one-stop shop’ solution for housebuilders, infrastructure, construction and civils contractors. We will also have the capability to tackle larger and more complex engineering projects."
The transaction was funded by Close Brothers who provided invoice finance, asset finance and term debt to support the acquisition. Fox Brothers was advised by Hill Dickinson LLP and Clive Hurt Plant Hire was advised by Napthens Solicitors.
- For further Lancashire business news, advice and analysis subscribe to Lancashire Business View or join the LBV Hub from just £2.50 per month. Click here to subscribe now.