The Hamilton Rentals management team has completed its buyout from Xchange Technology Group (XTG). The UK’s biggest renter of IT and asset management systems said it bought itself out to expand its range of offerings.
Martin O’Connor, managing director of Hamilton, said the company wants to spend more time on product evaluation services for technology manufacturers and to expand its management systems business for sports events and conferences.
“Now we can focus on, and invest in, the areas where we’re experiencing the greatest demand and success,” said O’Connor. “We will capitalise on our 40 years of industry experience to reinforce our market-leading position.”
Bracknell-based audio visual specialist Hamilton provides short and medium-term rentals of screens at many sporting events and conferences. It employs 69 people and there are no reports of job losses.
“The XTG strategy was firmly focused on the US, so the management felt it was in the company’s best interests to go independent and focus investment and time on its UK market,” said a company spokesman.
XTG has offices in the United States, Canada, Germany, Switzerland, Japan, Macau (China) and Australia, as well as the United Kingdom. It manages five business units that resell IT products in 16 locations worldwide and specialises in technology lifecycle management.
The office equipment leasing industry was severely affected by the global financial crisis and the resulting UK recession, with industry revenue falling over three consecutive years through to 2010, according to IBISWorld industry analyst Lewis Sutton.
“The recession resulted in fewer business start-ups, and lower capital expenditure by companies meant firms retained their equipment for longer,” he said.
Over the five years through 2014, industry revenue is forecast to fall at a compound annual rate of 7.1 percent, Sutton added. The UK rental market is worth approximately £35 million per year.
Jeff McFarlane, CEO of XTG, said that he wished the management team all the best in the future. “We look forward to maintaining a strategic relationship and partnership with Hamilton Rentals going forward,” he said.
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