HSS Hire Group is set to rebrand as HSS ProService Marketplace, following the clearance of its major commercial agreement with Speedy Hire by the Competition and Markets Authority (CMA), marking the start of its shift to a fully digital, asset-light marketplace model for the UK’s construction equipment hire and supply sector.
Starting tomorrow (18 November), the five-year agreement, worth £35 million, will see HSS ProService’s digital marketplace and procurement systems merge with Speedy Hire’s nationwide network, creating the UK’s first fully integrated online marketplace for equipment, fuel, and related services.
Speedy Hire replaces its traditional hire operations, The Hire Service Company (THSC) which was sold to Endless for a nominal £1, with the ProService platform.
The shift to an asset-light hybrid model sees the group chief executive officer Steve Ashmore step down with immediate effect to “pursue other interests”, while the group’s interim chief financial officer, Richard Jones, will depart at the end of March 2026.
These positions will not be refilled, as the company moves forward under its new ProService Building Services Marketplace model.
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Alan Peterson, non-executive chairman, thanked Ashmore for his leadership during the transition and acknowledged Jones’ contributions, including the sale of HSS Hire Ireland.
He also reaffirmed HSS ProService’s leadership under Tom Shorten, as chief executive officer, supported by Greig Thomas, chief financial officer.
“The company is exiting a challenging period in terms of managing the major disruption between exchange and [its] completion, and under the leadership of Tom Shorten and supported by Greig Thomas, we are very much looking forward to the next phase of growth,” he said.
Since the announcement, limited trading with Speedy Hire has been underway, with system integration and employee transfers nearly complete.
Despite ongoing market challenges, which saw HSS Hire Group report a pre-tax loss of £130.3 million in its delayed financial results, exacerbated by restructuring efforts, the company, under HSS ProService, anticipates the Speedy Hire agreement will contribute to improved margins and earnings by 2027.
Shorten said: “Bringing Speedy into the HSS ProService Marketplace means we can offer a deeper fleet, a wider footprint, and a single digital platform that simplifies the process end-to-end.
“Brick by brick, we’ve been building a digital business that’s fit for the future of this industry and this partnership represents a major step forward in how equipment can be sourced, supplied, and managed across the industry.”
The completion of the THSC disposal and Speedy Hire investment, announced in October, will make Speedy Hire the sole supplier for rehire and resale services.
The deal is expected to generate £50 million to £55 million annually for Speedy and includes a 9.99 per cent equity stake in HSS ProService, along with the acquisition of hire assets and depot leases.
Around 100 employees will transfer from Speedy to ProService, while 300 employees from HSS Hire Service will move to Speedy.
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