Tool hire firm HSS to axe 300 jobs

Tool hire firm HSS to axe 300 jobs

Tool rental company HSS Hire, with branches in Norfolk, has announced closures nationwide.

Tool hire firm HSS to axe 300 jobs

The business said that it will invest more in technology, cutting out the need for many of its sites, meaning it could shut 134 branches.

As a result, about 300 people are likely to lose their jobs with the company, with consultations set to start.

HSS Hire employs more than 2,000 people across the UK, however only runs a couple of hundred branches. It has branches in Roundtree Way, Norwich and Southgates, King’s Lynn as well as in Bury St Edmunds and Ipswich, Suffolk.

“Covid-19 has demonstrated that we are now ready to accelerate our strategy by further investing in our technological platforms,” said chief executive Steve Ashmore.

“These investments will allow us to reduce our physical footprint which, whilst regrettably resulting in the loss of around 300 roles, allows us to become a more agile, technology-driven business which is essential in our markets, as well as reducing costs and enhancing shareholder value.”

The company lost £12.5 million in the first half of the year, over £5 million more than last year, on revenue of £125.8 million, down 22pc.

But revenue has bounced back from lows of 63pc of last year’s levels during the second quarter to about 90pc today, HSS said.

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