Goode Durrant buys rentals firm for pounds 28m

Goode Durrant buys rentals firm for pounds 28m

Goode Durrant is to buy Transport Development Group Rentals from Transport Development Group for pounds 28.2m. Goode Durrant said it would raise pounds 22.9m through a placing of 5.4 million shares at 420p, and would borrow the remaining pounds 5.3m. "The purchase of TDG Rentals will, in the first full year under Goode Durrant's ownership, result in greater earnings share than would have been achieved without the acquisition," the company said. TDG Rentals has a fleet of 2,440 vehicles, as well as depots, and is free of debt, and will be used to develop Goode Durrant's commercial vehicle hire business in Northgate.

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