Shares of Manchester-based HSS Hire Group plc soared as much as 40% on Monday after it published delayed full-year results, announced deals with Speedy Hire plc and Leeds-based private equity firm Endless LLP, and announced a proposed name change to ProService Building Services Marketplace plc.

HSS Hire said ProService, its digital marketplace, entered a new five year commercial supply agreement with Speedy Hire plc and Speedy Asset Services Limited “resulting in Speedy AS becoming the principal equipment supplier to ProService replacing HSS Service Group Limited (trading as HSS The Hire Service Company) (the Group’s UK-based equipment hire business and, pre-Completion, the largest supplier to ProService).”

HSS Hire said: “It is proposed that, subject to approval by shareholders, HSS will be renamed ProService Building Services Marketplace PLC.

“The transaction will also result in Speedy Hire owning approximately 9.99% of the enlarged share capital of the renamed group immediately following the issue of the subscription shares.”

Speedy Hire will pay HSS £35 million. Speedy Hire shares rose about 17%.

Further, HSS announced the disposal of HSS Service Finance Limited, including its trading subsidiary HSS Service Group Limited, trading under the brand HSS The Hire Service Company, to Project Mansell Newco Limited, a newly formed company indirectly owned by investment funds managed by Endless LLP.

HSS Hire will pay the buyer a total of £26 million to take on the liabilities of the operation.

HSS non-executive chair Alan Peterson said: “Our commercial agreement with Speedy Hire marks an exciting new chapter for the Group, which we are confident will unlock significant opportunities for growth and success.”

Steve Ashmore, executive chairman of ProService, said: “This transformational agreement with Speedy Hire marks a major milestone in scaling our marketplace business.

“The commercial agreement enables ProService to focus solely on its growing, asset-light marketplace model, unlocking significant value for our shareholders and customers. With increased scale and breadth, the business is now well positioned for profitable growth.”