Shanks Group sells joint venture stake in Caird Bardon

Sustainable waste management business Shanks Group has completed the sale of its joint venture interest in Leeds-based landfill site, Caird Bardon to Seneca Global Energy, a Hartlepool-based renewable energy company.

Shanks said Seneca had acquired the interest in Caird Bardon, which operates the Peckfield landfill facility in Leeds, from joint owners Shanks and Aggregate Industries.

The group said that the disposal would result in a non-cash asset impairment charge of £4.0m for Shanks, which it said had been disclosed within its recent trading update on April 9th.

Peter Dilnot, Group Chief Executive Officer of Shanks, said: "We are delighted to announce the sale of our interest in landfill operator Caird Bardon, which marks the disposal of the group's last remaining interest in UK landfill. This is in line with our stated strategy of managing our portfolio to maximise returns on our assets and to make more from waste."

Shanks' share price was down 0.34% to 73.75p at 11:25 on Wednesday.

MF