The directors present the strategic report for the year ended 30 September 2024.
Subsequent to the financial year ended, on 24 October 2024, the company was acquired through a successful Management Buyout (MBO) led by the existing leadership team. This transaction marked a significant milestone in the company’s evolution and was underpinned by a strategic refinancing agreement.
The MBO facilitated a substantial debt write down of £17 million and introduced a five-year refinancing arrangement with the group’s principal lender. The lender remains committed to supporting the business and its leadership team in achieving its long-term strategic objectives.
In conjunction with the acquisition, a reorganisation of the corporate structure was implemented, delivering meaningful cost savings within FY 2025. These actions have positioned the business for sustainable growth and enhanced operational efficiency.
Notably, EBITDA performance in H1 FY 2025 improved to breakeven, reflecting stabilisation and financial discipline post-MBO. Continued investment in digital infrastructure and operational technology is expected to strengthen Nationwide Hire’s UK-wide service delivery capabilities.
Business strategy and Outlook
Nationwide Hire Limited continues to provide fully managed equipment hire and waste brokerage services across the UK and Ireland. Operating through a broad network of over 3,000 depots, the business’ value proposition centres on minimising logistical delays and ensuring timely delivery of services to customer sites.
Strategic Direction
In October 2024, as part of the MBO transaction, Mark Burton (CEO) and John Hopkins (COO) assumed ownership of the business. Under their leadership, the group has recommitted to its core principles:
Customer-centric service delivery
Operational excellence
Strategic growth through innovation and partnerships
The business remains focused on strengthening existing customer relationships, improving supply chain efficiency, and investing in scalable technology solutions, including the integration of AI-driven tools to enhance productivity and customer service.
Mission Statement
“To remain the UK’s leading aggregator in equipment hire and waste services while pursuing sustainable, organic growth.”
Strategic Priorities for FY 2025 and Beyond
Market Expansion: Grow market share through customer retention, new business acquisition, and cross-selling initiatives.
Sales Optimisation: Implement relationship-based sales models to improve conversion and lifetime value.
Technology Enablement: Drive service improvement through ongoing digital transformation and AI integration.
Supplier Engagement: Deepen supplier relationships to secure competitive pricing and dependable service levels.
Operational and Financial Review
Key Performance Indicators
While turnover has decreased year-on-year, this is reflective of a strategic refocus post-MBO. The breakeven EBITDA result in H1 FY 2025 and improved cost control measures indicate the early benefits of restructuring and management intervention.
Commercial and Regulatory Risks
Waste Operator Licence: The business maintains full compliance through rigorous internal controls and procedures.
System Dependence: Nationwide Hire relies on its proprietary digital platform; robust backup systems and disaster recovery plans are in place.
Health and Safety:
The group does not directly operate or handle equipment. All operational risk is outsourced to certified and vetted suppliers.
To date, there have been no reportable health and safety incidents.
Financial Risks:
Customer Risk: A diversified client base mitigates customer concentration risk.
Credit Risk: Proactively managed through credit checks, rating agency insights, debt ageing analysis, and coverage via credit insurance (Atradius).
Liquidity Risk: Strong bank support and prudent cash flow management have enabled the group to maintain a net cash surplus.
Cost control and Efficiency Measures
Post-MBO restructuring has led to significant savings through:
Reduction in fixed overheads.
Streamlined operational processes.
Technology-driven efficiencies across sales, customer service, and supplier management.
People and Culture
Nationwide Hire is an equal opportunities employer committed to maintaining an inclusive, respectful, and non-discriminatory workplace. We continue to invest in employee development, with tailored training programmes to build capability, improve engagement, and retain top talent.
On behalf of the board
The directors present their annual report and financial statements for the year ended 30 September 2024.
Project Kestrel Bidco Limited ("the company") has elected to prepare consolidated financial statements for its year ended 30 September 2024. These financial statements therefore present the performance and position of the group headed by Project Kestrel Bidco Limited for the year ended 30 September 2024, with comparatives presented for the year ended 30 September 2023. The group comprises the company; Nationwide Hire Limited and Momentum Systems Limited, both wholly owned subsidiary companies incorporated in England and Wales.
The results for the year are set out on page 11.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Events after the reporting date - Group reorganisation completed 24 October 2024
On 24 October 2024, as part of a management buyout via group reorgansiation, the company's immediate parent company, Project Kestrel Midco 2 Limited appointed a Fixed Charge Receiver over the shares it held in the company. Immediately following, as part of the group organisation, the company was released from indebtedness to Project Kestrel Midco 2 Limited of £26.5 million. The effect of this debt release will be accounted for in the next financial statements of the company for the year ended 30 September 2025, but is expected to be recognised as a capital contribution directly within equity, increasing the net assets of the company, and of the group by £26.5 million.
Following the debt release, Project Kestrel Midco 2 Limited sold its shares in the company to Maxarlo Limited, a company owned by certain senior managers of the group. The trading operations and activities of Nationwide Hire Limited have continued unchanged as a result of the group reorganisation.
As part of the group reorganisation occuring on 24 October 2024, the company's bank loans were renegotiated on to longer terms expiring greater than one year. Of the £7.2 million of bank loans existing at 30 September 2024, shown within creditors due within one year, £2.6 million is now payable in equal quarterly instalments from 31 December 2025 to 24 October 2029, and £4.2 million is payable on the termination of the loan at 24 October 2029. The effect of this non-adjusting post balance sheet event will be accounted for in the company's financial statements for the year ended 30 September 2025.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The auditor, TC Group, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
We have audited the financial statements of Project Kestrel Bidco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.
Our approach was as follows:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;
We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations in the UK, and the relevant waste regulations in the UK (including the Waste (England and Wales) Regulations 2011);
We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
The notes on pages 18 to 35 form part of these financial statements.
The notes on pages 18 to 35 form part of these financial statements.
The notes on pages 18 to 35 form part of these financial statements.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £19,797,924 (2023 - £3,027,181 loss).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The notes on pages 18 to 35 form part of these financial statements.
The notes on pages 18 to 35 form part of these financial statements.
The notes on pages 18 to 35 form part of these financial statements.
Project Kestrel Bidco Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Howard Piper House, Salterns Lane, Fareham, Hampshire, PO16 0QS.
The group consists of Project Kestrel Bidco Limited and all of its subsidiaries. The group was formed on the 7th October 2019, when the company acquired Nationwide Hire Limited and Momentum Systems Limited as part of a management buyout.
Previously the company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts on the basis the company's financial performance was reported within the consolidated accounts of it's ultimate parent company Project Kestrel Topco Limited.
In the current year no consolidated accounts have been prepared by either the immediate or ultimate parent company and therefore no exemption is available. As such this is the first year that consolidated accounts have been prepared by Project Kestrel Bidco Limited. The comparative figures show the correct position had the company prepared consolidated accounts in the previous year.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Project Kestrel Bidco Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
As explained in note 20 on 24 October 2024 the group completed a management buy-out and reorganisation of its inter-group debts and bank loans. The key impacts of the reorganisation on the group headed by Project Kestrel Bidco Limited were to:
release to equity reserves as a capital contribution, £25.8 million of amounts owed to group undertakings;
extension of £6.8 million bank loan facilities onto longer terms now expiring 24 October 2029.
These transactions have had a significant effect on improving the financial position of the group and company on 24 October 2024 compared to the position presented within these financial statements at 30 September 2024. Had these transactions occurred at the 30 September 2024, then the group would be presenting in its 2024 financial statements group net assets of £1.0 million (compared to group net liabilities as presented of £24.8 million); group net current liabilities of £2.5 million (compared to group net current liabilities as presented of £34.4 million); company net assets of £16.1 million (compared to company net liabilities as presented of £9.7 million); and company net current liabilities of £4.3 million (compared to company net current liabilities as presented of £36.2 million)
At the time of approving the financial statements, following the successful refinancing of the group's debt instruments, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. In making their assessment the directors have prepared cash flow forecasts for a period covering at least 12 months from the date of approval of the financial statements. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover represents the value of hire charges for goods and services supplied, excluding value added tax. Turnover is recognised throughout the hire period on a daily basis.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
The software development expenditure relates to a project developing a new operating technology platform for use by the group, which was substantially completed and brought into operating use during March 2021. Software development expenditure is capitalised in accordance with the accounting policy for intangible assets. Initial capitalisation of costs is based on management’s judgement that technical and economic feasibility is confirmed, usually when an internal development project has reached a defined milestone according to an established project management model. In determining the amounts to be capitalised management makes assumptions regarding the expected future cash generation of the assets, discount rates to be applied and the expected period of benefits. At the balance sheet date the directors consider whether there are indicators of impairment on the carrying value of the capitalised software development costs, by considering its value in use. The value in use calculation is based on a discounted cash flow model, the cash flows being derived from the budget for the group for the next five years. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash flows used.
Goodwill arising on the group's acquisition of Nationwide Hire Limited is capitalised and amortised on a straight line basis over its estimated useful economic life. This estimate is based on a variety of factors such as the expected useful life of the cash generating units to which the goodwill is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses.
Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units to which goodwill has been allocated. The value in use calculation requires the directors to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. Where the actual future cash flows are less than expected, a material impairment loss may arise.
During the year the an impairment loss of £1,696,054 was recognised in respect of the goodwill.
Turnover comprises entirely of equipment hire and waste brokerage services.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
More information on impairment movements in the year is given in note 2.
Details of the company's subsidiaries at 30 September 2024 are as follows:
The bank loans are secured on the assets of the group. Of the amounts included within Bank loans, £5,500,000 falls due for repayment on the 30 June 2025 and incurs interest at 3.25% above Bank of England base rate. The remainder of the bank loan is repayable in quarterly instalments to 30 June 2025 and incurs interest at 3.25% above Bank of England base rate.
The finance lease obligations are secured on the assets to which they relate.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
On 24 October 2024, as part of a management buyout via group reorgansiation, the company's immediate parent company, Project Kestrel Midco 2 Limited appointed a Fixed Charge Receiver over the shares it held in the company. Immediately following, as part of the group organisation, the company was released from indebtedness to Project Kestrel Midco 2 Limited of £26.5 million. The effect of this debt release will be accounted for in the next financial statements of the company for the year ended 30 September 2025, but is expected to be recognised as a capital contribution directly within equity, increasing the net assets of the company, and of the group by £26.5 million.
Following the debt release, Project Kestrel Midco 2 Limited sold its shares in the company to Maxarlo Limited, a company owned by certain senior managers of the group. The trading operations and activities of Nationwide Hire Limited have continued unchanged as a result of the group reorganisation.
As part of the group reorganisation occuring on 24 October 2024, the company's bank loans were renegotiated on to longer terms expiring greater than one year. Of the £7.2 million of bank loans existing at 30 September 2024, shown within creditors due within one year, £2.6 million is now payable in equal quarterly instalments from 31 December 2025 to 24 October 2029, and £4.2 million is payable on the termination of the loan at 24 October 2029. The effect of this non-adjusting post balance sheet event will be accounted for in the company's financial statements for the year ended 30 September 2025.
The remuneration of key management personnel is as follows.
During the year the group entered into the following transactions with related parties:
The company has applied the exemption available within FRS 102 Section 33.1A not to disclose transactions and balances with fellow wholly owned subsidiaries of the group headed by Project Kestrel Topco Limited.