Speedy wins major contract with National Grid

Speedy Hire has won a three year, £18 million rental contract with National Grid, the company that runs the UK’s electricity and gas transmission networks.

Starting in April, Speedy will supply and coordinate all rented plant and equipment requirements for carrying out work on National Grid’s gas and electricity networks. Speedy will use its own equipment as well as sourcing equipment from other rental companies and suppliers.

The contract if for an initial period of three years, with the option of a two year extension. The contract will generate annual revenues of £6 million for Speedy.

The first twelve months of the contract will see Speedy carrying out an audit of National Grid’s rental requirements, its network and in-house rental fleet. There will be a gradual transfer of activity to Speedy, which is expected to reach peak transition levels in about eighteen months. A second potential phase will focus on taking over the management of National Grid’s own assets.

The contract is part of Speedy’s strategy to negotiate major contracts with ultimate end clients, rather than concentrating solely on working with major contractors.

David Harris, commercial director, UK of Speedy, said; “We are delighted to have been awarded this contract to manage the provision of hired plant and equipment for National Grid.

“This was secured after a rigorous tender process assessing not only value for money, but also the quality and breadth of Speedy’s managed services”.

Dave Angell, global procurement senior category manager of National Grid, said; “The contract with Speedy will help National Grid drive further efficiencies across our UK business as we implement sustainable, innovative and affordable energy solutions for the future.”

Steve Corcoran, CEO of Speedy, said “The Board’s strategy remains focused on generating high quality, secure, long-term and transparent earnings across the Group. Speedy has established itself as the clear market leader in rental services for large volume users such as National Grid and Zadco who don't just want to hire an asset, but want an end-to-end managed services solution that delivers the highest level of service and helps them manage risk.”