Hill Hire, owned by the investment division of HBOS, is on the market. HBOS aims to raise £300m from the sale of Hill Hire which is one of Britain's biggest truck and trailer rental companies.
The sale of Hill Hire is being treated as a routine disposal. Grant Thornton have been appointed to manage the sale process. It is thought that the sale will attract both private equity and strategic buyers.
HBOS took Hill Hire private in 1999 for £74m. Since the acquisition, Hill Hire has seen its fleet treble and staff numbers increase to about 500.
The Bradford-based business hires out trucks, trailers and tractor units to corporate clients including J Sainsbury, Tesco and DHL.
HBOS is one of the most active investors in small and medium-sized UK companies. It also owns coffee-shop chain Caffè Nero, fitness-club operator David Lloyd as well as Vue cinemas.
In 2006 HBOS sold its stake in Drive Financial, an American car financing company, to Banco Santander for £234m.
