HSS said it will use the cash to pay down debts as it continues to focus on its core tool business.

The deal is conditional on the agreement of HSS shareholders.

As part of the deal HSS has entered into a long term strategic commercial agreement with Nationwide to provide powered access equipment to complement HSS’s existing fleet.

HSS chief executive Steve Ashmore said: “The UK Platforms business has made an excellent contribution to the Group over recent years, but considering our priorities and focus on tool hire we feel it will reach its full potential under new ownership. 

“We will continue to provide our customers with all of their powered access needs through our existing fleet and the new strategic partnership with Nationwide.”