HTC Plant Limited, a leading supplier of tower cranes in the UK, has sold its UK based hoist division to RECO Hoists Limited a subsidiary of RECO Holding BV, a major Dutch plant hirer specialising in construction hoists, for an undisclosed amount. HTCâ€™s hoist division, based in Sheffield, St Neotâ€™s and Glasgow, employs 41 people all of whom have been transferred to RECO Hoist Ltd together with all contracts and agreements. HTC will continue to play an active part during the transition period.
PC Harrington Group MD, Duncan Salt stated: “The core activity at HTC is our tower crane operation, an area that we want to further develop and with the market right for investment we had to make a decision regarding our on going participation in the hoist rental market. We took the difficult decision and considered a sale as the best option. Reco Holding BV is an extremely reputable and well thought of hoist business, active in mainland Europe, who have wanted a UK operation for some time. This is a very good fit for them and a good deal for both parties. It gives RECO a ready made hoist operation in the UK and enables HTC to concentrate more actively on its core crane hire business, which is experiencing strong demand.
RECO BV COO, Edwin Verpoort said: â€œThis is an exciting acquisition for Reco BV and will provide the business with an opportunity to demonstrate its market strength. The team will continue to be led by Marcus Percival who is looking forward to the challenge. CEO Rob Reigwein, together with Edwin Verpoort made the announcement of their intentions at a recent visit to HTCâ€™s St Neots facility. They stated that, â€œWe will carry on the activities of HTC hoists, optimising them where possible with the introduction of the Dutch programme of vertical transportation which includes mast-climbers and scaffold hire and sales.â€