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Tool rental specialist HSS Hire is preparing for a refurbishment, with chief executive John Gill heading to the exit after eight years, just a few days after announcing deepening losses over 2016.

“The Board believes it is the right time to look outside the business for a new CEO,” said chairman Alan Peterson in a statement. He thanked Mr Gill for his “unfailing commitment and leadership”. The search for a replacement is under way.

HSS has had a difficult start to life as a listed company, issuing a string of profit warnings and overhauling its management team since its 2015 IPO. Shares in the group have lost 70 per cent of their value since it joined the stock market, including a 22 per cent slide since the start of 2017.

Its difficulties have been exacerbated by creaking confidence in the UK construction industry.

Copyright The Financial Times Limited 2017. All rights reserved.

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