TOOL rental firm HSS Hire said it is opening new branches at a rate of almost one a week as it steps up growth following its flotation earlier this year.
The company, which runs over 265 sites, including local branches in Bradford and Halifax and employs 2,900 staff, boosted sales by just over a quarter to £284.6 million in the year December 27.
Since then it has opened 13 new sites in the first quarter of the year to leave it on course to add 50 branches this year. A rise in costs, including a £6.6 million refinancing charge, meant the company reported a full-year loss of £8.5 million, compared to a £2.6 million profit the year before.
HSS is continuing to review options for the acquisition of independent rivals as a way to accelerate growth at the group, having used the proceeds from its float in February to pay down debt and expand the business.
The firm, launched in 1957, competes against rivals such as the Speedy Hire.
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