Speedy Hire will sell its loss making temporary accommodation operation to rival equipment hire group, Elliot, Financial Times reports. The U.K. tool rental company will receive a total of about £35 million from the sale of the Speedy Space division. Speedy Hire will use the proceeds from the sale to pay down around £115 million of debts that it has collected. As part of the deal, Speedy and Elliot have also agreed to a three-year customer-sharing contract.

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