The contract starts next week and runs for three years initially, with an option to extend for another two years.
Under the terms of the contract, Speedy will act as National Grid's managing agent to supply and coordinate all hired plant and equipment requirements for carrying out work on its gas and electricity networks.
Speedy will be responsible for hiring in any specialist equipment not in its own inventory.
The contract will see a phased mobilisation. In the first 12 months the principal activity will be an audit of National Grid's hire requirements, its network and equipment that it already has on hire. The contract will involve a gradual transfer of activity which is expected to reach peak transition levels in about eighteen months, with a second potential phase focused on taking over the management of National Grid's own assets.
Speedy said that the deal demonstrated how it was looking to expand beyond its core target market of construction contractors.
CEO Steve Corcoran said: "The board's strategy remains focused on generating high quality, secure, long-term and transparent earnings across the group. Speedy has established itself as the clear market leader in rental services for large volume users such as National Grid and Zadco who don't just want to hire an asset, but want an end-to-end managed services solution that delivers the highest level of service and helps them manage risk."
National Grid procurement manager Dave Angell said: "The contract with Speedy will help National Grid drive further efficiencies across our UK business as we implement sustainable, innovative and affordable energy solutions for the future."
Got a story? Email news@theconstructionindex.co.uk
