The hoist business operates from three sites in Chawston (Bedfordshire), Dewsbury and Glasgow, comprising a plant list of more than 300 hoists, a turnover of £6.5m, and approximately 250 customers nationwide.
“Any negotiations on acquisitions or disposals are always subject to non disclosure agreements so we are not able to give you further information on the identity of any other potential bidders or the value of the successful bid,” Hewden said.
The agreement, which was signed on December 21 2007, is in line with Hewden’s stated strategy of “increasing focus on core business areas where it has already built, or intends to build, a market leadership position.”
The sale of the hoist business follows the sale of the tools business in June last year.
Brian Sherlock, director, Hewden Stuart plc said the company intends to focus on being a national provider of heavy duty plant and construction equipment, with a particular emphasis on Caterpillar and a select range of other complementary leading manufacturers.
He added: “Hoists was an obvious selling opportunity for us, given that it is a highly successful, specialised and stand-alone area of business but not part of the core Hewden service offering and is only available in three of our UK depots.”
