|
|
||
Press release 24 October 2011 |
|
||
Star Rentals Limited, a well known local company
that specialises in the rental of trucks and vans to commercial vehicle
operators across the province, was placed into Administration by its
Directors on Friday 21 October 2011 Gaffer Group has announced today that it has
acquired the assets and trade of Star Rentals Limited through a series of
transactions. Gaffer Group, which also owns NI Trucks Limited, based in
Mallusk and Portadown; one of the largest commercial vehicle dealerships in
Northern Ireland, has announced plans to invest approximately £2m in the new
business. Stephen Sproule, Group Chairman, says: “This is a
great opportunity for the group to acquire a business that has suffered due
to the downturn in the economy over the past few years. The limitation in credit has constrained
the business’s ability to invest in new vehicles and to seek out new business
opportunities. We will bring a fresh
perspective to the business in terms of sales and marketing and operational
performance. In particular we intend
to invest approximately £2m in upgrading the vehicle fleet. It is our intention to build market share
in a sector that we believe has the potential to grow in these difficult
times.” The new business, which will continue to be known as
Star Rentals, will be relocated from Roughfort Road to the NI Trucks’ site at
3 Mallusk Road. Prior to the credit crunch Star Rentals operated a
fleet of approximately 150 vehicles across a broad range of weight categories
ranging from small car derived vans to 44 tonne trucks, servicing customers
in almost every sector within the Northern Ireland economy. The acquisition by Gaffer Group will secure
the jobs of the current workforce. Gaffer, which is a locally owned and managed holding
company, has a quality management team operating a number of successful
businesses that trade across the UK and Ireland. Gaffer has been on the look-out for further
acquisitions over the past few years and the group has indicated that it will
continue to seek out opportunities to acquire trading businesses that can
create value over the medium to longer term |
|
||
For further information contact Sarah Drysdale on 028 90833040, or 0792 9207812