UK: Rail and infrastructure services company Readypower Group Ltd has acquired 100% of the share capital of plant hire, subcontracting and labour provision company Total Rail Solutions.
RGL said TRS needed additional investment as it had been ‘struggling financially for some time in a difficult market’, with cancellations and a shrinking work-bank as the rail industry moves towards the end of Control Period 6.
‘Our aim is to provide initial capital to support the business going forward’, said RGL CEO Russell Jack when the transaction was completed on October 16. ’This deal is the best outcome for TRS and its employees, and we will be able to provide stability, so we can evaluate how we best secure the long-term future of the business and the people who work in it.
‘Between now and Christmas we will undertake a process of integrating TRS into the Readypower Group ready for the start of next year and the new control period.’
RGL was advised by Pinsent Masons (legal), KPMG (finance), RSM (tax), Adeptus (environmental) and Vista (insurance).
