Reeling in the years

22 December 2020

While many of us have been in our attics recently to unearth Christmas decorations, Terry Heal has been in his loft again to pore over his intriguing collection of hire catalogues.

Terry retired from his role as MD of Bradfords Tool Hire in June, rounding off a career spanning 50 years.

An earlier blog post discussed some of the products that appeared in a Uni-Rents catalogue from 1967 (pictured). Terry worked for the Southampton-based hirer from 1969 and it became part of the merchant Wolseley in 1973. He joined Travis Perkins Hire in 2012 and then Bradfords in 2015.

Terry has now unearthed catalogues spanning the decades up to 2005 and has sent me a painstakingly prepared spreadsheet summarising some essential fleet developments and trends. He also worked out ten-year rate changes for key items in percentage terms.

Back in 1967 a 4/3 petrol mixer was £4 per week and in 1977 the rate was £6.50, a 63% increase. By 2005 the price was £25 and the percentage change was less – perhaps because of greater competition.

Uni-Rents grew from having four branches in 1967 to a network of 124 in 2005 and, with other companies having entered the market, competition became keener.

The weekly rate for a 15m extension reel in 1967 was the pre-decimal equivalent of 15 pence (!), increasing by a whopping 1233% (from an admittedly low base) to £2 ten years later and reaching £8 in 2005. Were hirers adding an extra margin now for these essential extras?

Perhaps the increase was simply due to inflation after the 1973 oil crisis. The weekly rate for a rotavator had increased by 200% from £11 to £33 in 1977, reaching £130 in 2007. Similarly, a 3kVA generator went from £9 to £16.50 and was £48.50 in 2005.

“Obviously these were list rates and what was considered to be realistic,” says Terry. “And discounting was certainly not at the percentages being offered today.”

Just like now, hirers were constantly looking out for ‘the next big thing’. Mini excavators are listed in the 1987 Uni-Rents catalogue at a weekly rate of £192, reaching £250.50 and £290.50 in 1997 and 2005 respectively. What rate are you getting now? Taking account of inflation, an equivalent figure today would be approximately £450.

Here are some other 2005 rates with their comparisons today in brackets: 5/3 diesel mixer - £44.50 (£70), electric breaker - £70 (£110), double 6.2m alloy tower - £89.50 (£145), floor sander - £66 (£105) and a 3kVA generator - £48.50 (£75).

I would like to thank Terry for his endeavours and I hope you find the figures just as fascinating.