Speedy Hire plc, the Newton-le-Willows-based tools and equipment hire firm, announced that CEO Russell Down intends to retire after seven years with the company.

Down will remain with the business until a successor is in place.

“The recruitment process for a replacement is underway and an update will be provided to the market at the appropriate time,” said the company.

Down joined Speedy Hire in April 2015 as group finance director and assumed the role of chief executive in July 2015.

“The group has been transformed over this period having improved its service proposition, grown service revenues, developed a market leading ESG proposition, sold its Middle East operations, significantly expanded its presence within the SME and retail markets and digitised its internal and external operations,” said Speedy Hire.

“As previously announced the group expects to report results in line with its expectations on 24 May 2022.”

Speedy Hire chairman David Shearer said: “I would like to thank Russell personally and on behalf of the board for his significant contribution as chief executive over the last seven years.

“Under his leadership, the business has been transformed and is now well positioned for future growth with an ambitious management team.”

Down said: “I am proud to have been chief executive at Speedy for the last seven years and of all we have achieved during this period.

“We are leading the hire market with our digital offering, customer service proposition and ESG strategy, and also have a growing presence in the retail sector.

“The business is performing well, has a strong balance sheet and is well positioned for future growth.”