Speedy Hire hit by Connaught collapse

8th Oct 2010 07:17

Speedy Hire will take a £1.7m bad debt charge after the the collapse of social housing group Connaught, which was a big customer of the plant hire group.Speedy could also lose £1.7m of budgeted revenue from the second half, though it says it has good relationships with the companies that have taken over the contracts from Connaught's administrator.Turnover in the second quarter to September is expected to be approximately £5m higher than the first quarter, Speedy added, but timing of sales means first half turnover will be approximately 4% below last year's £185m. Underlying year-on-year quarterly turnover picked up from a first quarter fall of 0.7% to a second quarter increase of approximately 1.2%.Speedy Hire has also shaken out its top management. Claudio Veritiero, Managing Director, UK & Ireland Asset Services and an executive director, is to leave the group at the end of the month.