REG - HSS Hire Group PLC Speedy Hire PLC - Transaction, Total Voting Rights, Trading Update

HSS HireAnnouncement

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RNS Number : 7776H  HSS Hire Group PLC  17 November 2025

 

 

17 November 2025

 

HSS Hire Group plc

(to be renamed ProService Building Services Marketplace plc)

("ProService" the "Company" or the "Group")

 

Completion of the THSC Disposal and Speedy Hire Investment

Directorate Changes and Trading Update

Total Voting Rights

Change of Name and Company Website

Further to the Company's announcements on 6 October 2025, the Company is
pleased to confirm that admission of the 79,368,711 new ordinary shares of 1
pence each ("Subscription Shares") subscribed for by Speedy Hire plc has
become effective, and dealings in the Subscription Shares commenced on AIM at
8.00 a.m. today ("Admission").

As Admission has now occurred, the THSC Disposal and the Speedy Hire
Investment (together with the Speedy Hire Commercial Agreement, the
"Transaction"), as announced on 6 October 2025, have now completed,
facilitating the commencement of the Group's five-year commercial agreement
with Speedy Hire plc and Speedy Asset Services Limited ("Speedy Hire") with an
option for Speedy Hire to extend by a further three years, to become an
equipment supplier to the Group's wholly owned subsidiary HSS ProService
Limited ("HSS ProService"). Speedy Hire will also procure all of its
customers' re-hire and certain of their resale requests are routed through the
ProService platform, and its customers' training service requirements from
ProService's training division.

Furthermore, the disposal of The Hire Service Company ("THSC") to Project
Mansell Newco Limited, a newly formed company indirectly owned by investment
funds managed by Endless LLP ("Disposal") has now completed and THSC will now
commence trading separately under new ownership, whilst allowing HSS
ProService to maintain its commercial agreement with THSC for powered access
in the South East of England (completion of the Disposal together with the
completion of the Transaction, defined as "Completion").

 

Completion of the Transaction marks a significant milestone in the Group's
strategic transformation, resulting in a stand-alone, technology-enabled
marketplace for building services that brings together ProService's
proprietary digital platform and expertise with Speedy Hire's improved supply
terms which will leverage the range of Speedy Hire's existing product lines.

Directorate Changes

 

In conjunction with the successful completion of the Group's strategic
transformation, the culmination of a two year project, the Company announces
the following directorate changes reflecting the evolution of the Group to an
asset-light platform business:

 

·    Steve Ashmore has decided to resign from the Group and therefore will
step down as a Director of the Company and its subsidiaries with immediate
effect. After more than eight years with the Group, Steve is leaving to pursue
other interests.

 

·    On completion of his current interim contract on 30 January 2026,
Richard Jones, Group Chief Financial Officer, will step down from the Board
and move to a part-time role until the end of March 2026.

 

Trading Update

 

Since the announcement of 6 October 2025, the Company has been trading with
Speedy Hire on a limited basis which has proven an operational success.
ProService's systems are in the process of being integrated to allow an
automatic feed of contracts such that Speedy Hire will receive ProService's
orders and ProService will receive Speedy Hire's orders for rehire, re-sale
and training. All TUPE consultations and processes are nearly complete with
all associated employee moves from Speedy Hire to ProService effective from
completion of the Transaction.

 

As previously reported, trading for the continuing operations of ProService
has been subdued due to the adverse market conditions and this has remained
the same since April 2025. Whilst revenues for ProService are expected to be
broadly in line with market expectations(1) completion of the Transaction has
taken longer than originally forecast resulting in the continuing operations
of the Group being impacted operationally during the period post announcement
and having to carry additional costs.

 

However, the Group has now exited the challenging period of managing the major
disruption between exchange and completion of the Transaction and is now in a
position of strength as an asset-light platform business. The Board remains
confident that the commercial agreement with Speedy Hire will deliver enhanced
net margins and be earnings-accretive for the Group in the financial year
ending March 2027.

 

A further update on the Company's trading will be provided at its H1 2026
results in December 2025.

 

Total Voting Rights

Following Admission of the Subscription Shares, the Company has 794,481,591
ordinary shares of 1 pence each in issue. The Company does not hold any shares
in treasury.

Therefore, the total number of voting rights in the Company is 794,481,591
(the "Voting Rights Figure"). This Voting Rights Figure may be used by
shareholders as the denominator for the calculations by which they determine
whether they are required to notify their voting interest in, or a change to
that interest in, the Company under the FCA's Disclosure Guidance and
Transparency Rules.

 

Change of Name

 

The Company confirms that its name is expected to change from HSS Hire Group
plc to ProService Building Services Marketplace plc tomorrow, following the
General Meeting on 6 November 2025.

 

The Company's tradeable instrument display mnemonic on the London Stock
Exchange is expected to change from HSS to PRO before the start of trading on
18 November 2025. Shareholders should note that their shareholdings will be
unaffected by the change of name. Existing share certificates should be
retained as they will remain valid for all purposes and no new share
certificates will be issued.

 

A further announcement will be made once the change of name becomes effective.

 

Change of Website

 

Following the change of the Company name to ProService Building Services
Marketplace plc which is expected to take effect on or around 18 November
2025, the Company's website will also change on or before 24 November 2025 to
www.hssproservice.com (http://www.hssproservice.com) .

 

Alan Peterson, Non-Executive Chairman of the Company, said:

"Steve has been instrumental in successfully executing the multi-year strategy
to transform the Group into ProService, an important and exceptionally
well-positioned digital marketplace for building services. I would like to
thank him on behalf of the Board for his enormous contribution over the past
eight years.

 

Furthermore, Richard has provided invaluable support and leadership over the
last year as we successfully sold HSS Hire Ireland, strengthened our finance
facilities and secured the transformational, long-term commercial supply
agreement with Speedy Hire and sale of THSC.

 

The Company is exiting a challenging period in terms of managing the major
disruption between exchange and completion of the Transaction, and under the
leadership of Tom Shorten as Chief Executive Officer of ProService and
supported by Greig Thomas as Chief Financial Officer of HSS ProService, we are
very much looking forward to the next phase of growth. The Board remains
confident that the commercial agreement with Speedy Hire will deliver enhanced
net margins and be earnings-accretive for the Group in the financial year
ending March 2027."

 

1.     For the purpose of this announcement, the Group believes market
consensus for FY26 for the continuing operations of ProService to be revenues
of £274.8 million

 

-Ends-

 

For further information, please contact:

 ProService Building Services Marketplace plc                    Email: hssproservice@fticonsulting.com
 Richard Jones, Group Chief Financial Officer

 FTI Consulting                                                  Tel: 020 3727 1340
 Nick Hasell
 Victoria Hayns

 Canaccord Genuity Limited (Nominated Adviser and Joint Broker)  Tel: 020 7523 8000
 Andrew Potts
 George Grainger

 Singer Capital Markets (Joint Broker)                           Tel: 020 7496 3000
 Alex Bond / Rick Thompson (Investment Banking)
 Rhys Williams (Equity Sales)                                    ​

 

Other than where defined, capitalised terms used in this announcement have the
meanings given to them in the circular to the Company's shareholders dated 17
October 2025.

 

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014 as it forms part of domestic law of the United Kingdom
by virtue of the European Union (Withdrawal) Act 2018, as amended (together,
"MAR"). Upon the publication of this announcement, this inside information is
now considered to be in the public domain. The person responsible for
arranging the release of this announcement on behalf of the Company is Richard
Jones, Group Chief Financial Officer.

 

 

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