In a trading update to the City this morning the kit-hire giant said: “In response to the Autumn Budget increases in employment taxes, the Group has accelerated several planned depot closures and restructured various support roles within the business.

“The savings of both these actions are expected to be in the region of £3.5m.”

Speedy Hire is set to post its latest results in June for the year ended 31 March 2025 .

In February the firm issued a profit warning but results are expected to be within revised guidelines.

Speedy Hire said it has been hit by slower than expected spending in the rail sector and confirmed a refinancing of its borrowings.

It said: “The Group remains positive about its pipeline of opportunities and the actions we have taken give confidence into the new financial year.”