TWO brothers have joined Scotland's elite club of multimillionaires after striking a deal to sell the business they set up 25 years ago for almost GBP60m.
John Pirrie, 47, an engineering sales specialist, and brother James, 45, a chartered accountant, stand to net GBP25m and GBP29.5m respectively with the sale of the engine-hire business they set up at home.
Selling LCH, which runs the biggest fleet of portable power sources in the UK, will also result in a multi-million-pound windfall for John's ex-wife, Glynnis. She stepped down from the board in 2004, but retained a 7-per cent shareholding.
The deal with Speedy Hire should provide a remarkable conclusion to an unlikely story of entrepreneurial endeavour that had a low-key beginning in the countryside near Balfron, Stirlingshire, in 1980.
John and James started repairing and selling diesel engines in the family home, Little Camoquhill House, a converted farmhouse from which the firm took its initials and where their parents still live. They are originally from Bishopbriggs.
After finding that engines were in short supply in the Middle East, the brothers developed a profitable sideline.
James qualified from Glasgow University in 1984 and decided to go full-time with the business when they realised there was plenty of demand for reconditioned generators. They took on their first employee when they branched out into maintenance in 1987.
Three years later, they began renting out generators, in time to cash in on a construction boom which caused a surge in demand for temporary power.
In the 15 years since, they amassed a fleet of 2400 generators, run out of depots from Aberdeen to Portsmouth. In addition to the construction trade, LCH serves clients in offshore oil, and entertainment.
In the year ended last September 30, LCH's pre-tax profits grew 19-per cent to GBP1.9m. Sales leapt from GBP15m to GBP21m. The company opened a head office in Milngavie 18 months ago.
However, John said yesterday they had always thought they would sell the firm at some point. In the short term, they will act as consultants for Speedy Hire. "We are going to take stock before taking a look at getting involved in property and other opportunities."
The brothers, with seven children between them, will still live in Milngavie.
John owned 43-per cent of the ordinary shares, while James owned 50-per cent. The deal includes GBP13.5m of debt Speedy Hire will assume on completion. The jobs of 196 staff are secure.
The sale follows a series of deals netting fortunes for Scottish entrepreneurs. Last year, brothers Malcolm, Alistair, Gordon and Euan Snowie and their mother, Sheila, shared windfalls worth tens of millions of pounds after their Stirlingshire waste specialist business was sold to Irish investors.
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