Transport and plant hire firm Explore has sold off its civil plant and tool hire division and bolstered its position in the UK transport and rail plant sectors.
It said the divestment of this segment to Select Plant Hire using an eight-figure funding package from HSBC left the transport and rail parts of the business under sole ownership of WS Transport.
Explore previously operated as a 50:50 joint venture between Laing O’Rouke’s Select Plant Hire and WS Transport.
As part of the transaction, Explore will continue to be the exclusive haulage provider to the Laing O’Rourke group.
Bradley Cooper, finance director at Explore, said: “With support from HSBC UK, we’ve been able to reach this important milestone in the growth of our business.
“We have ambitious plans and with a streamlined ownership structure, we will continue to drive forward more exciting opportunities. We look forward to progressing our strategy of bringing innovation to the sectors we operate in.”
Jason Gledhill, HSBC global relationship director, added: “This move reflects the ongoing commitment of the business to UK transport and rail plant industries.
“We’re committed to helping ambitious businesses unlock new opportunities and we look forward to Explore continuing to build a strong future.”
Explore was founded in 2015 and has since grown with seven depots nationwide. The business has a fleet of over 175 trucks and more than 100 rail plant hire assets, with over 300 employees across the UK.
