Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

Vp says will fully assist competition authority investigation into takeover of rival Brandon Hire

In a statement confirming the CMA investigation, Vp said it conducted a "detailed" due diligence exercise before the acquisition which included assessing potential competition considerations
Hire equipment
Vp announced the £416mln acquisition of Brandon on November 8 to be funded by cash from new banking facilities

Vp PLC (LON:VP) has said it will fully assist the UK Competition & Markets Authority as it investigates the equipment rental firm‘s acquisition of rival Brandon Hire Group Holdings Ltd.

In a statement confirming the CMA investigation, Vp said it conducted a "detailed" due diligence exercise before the acquisition which included assessing potential competition considerations.

The company said it will provide further updates to the market when appropriate.

Acquisition to deliver economies of scale

Vp announced the £416mln acquisition of Brandon on November 8 to be funded by cash from new banking facilities, as well as the assumption of £27.2mln worth of net debt

The group said at the time that the acquisition will deliver economies of scale in purchasing and operations over the medium term.

On November 21, Vp unveiled its first half results which showed a jump in pretax profit to £20.3mln, up from £17.7mln a year earlier as revenue rose to £136.0mln from £121.7mln, with the interim dividend increased by 13% to 6.80p.

View full VP. profile View Profile

VP Plc Timeline

Newswire
June 07 2016

Related Articles

drill rig
June 18 2018
The last few months have seen an increase in demand for exploration rigs, which will benefit Capital Drilling's utilisation rates from this segment of the market - chairman Jamie Boynton
Laptop
June 06 2018
Financial services have been especially strong and driven by fears over cybersecurity ...
Ryanair plane
August 23 2018
Two new directors have been appointed, though the group is still looking for a replacement for chairman Iain Ferguson

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use