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.

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

Recommended

Three top-notch Asian stocks to buy
Share tips

Three top-notch Asian stocks to buy

Professional investors Adrian Lim and Pruksa Iamthongthong, managers of the Asia Dragon Trust, pick three of their favourite Asian stocks to buy now.
23 Sep 2022
Why you should short this satellite broadband company
Trading

Why you should short this satellite broadband company

With an ill-considered business plan, satellite broadband company AST SpaceMobile is doomed to failure, says Matthew Partridge. Here's how to short th…
23 Sep 2022
Share tips of the week – 23 September
Share tips

Share tips of the week – 23 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
23 Sep 2022
Momentum investing – and why price matters more than anything else
Investment strategy

Momentum investing – and why price matters more than anything else

The recent fashion for momentum investing, with investors piling into expensive growth stocks, is nothing new, says Merryn Somerset Webb. And the dang…
21 Sep 2022

Most Popular

Beating inflation takes more luck than skill – but are we about to get lucky?
Inflation

Beating inflation takes more luck than skill – but are we about to get lucky?

The US Federal Reserve managed to beat inflation in the 1980s. But much of that was down to pure luck. Thankfully, says Merryn Somerset Webb, the Bank…
26 Sep 2022
The pick of this year's best-performing investment trusts
Investment trusts

The pick of this year's best-performing investment trusts

Market conditions haven’t been easy, but these investment trusts have delivered strong growth, says David Stevenson.
23 Sep 2022
The hidden cost of employee share schemes
Investment strategy

The hidden cost of employee share schemes

Paying employees in shares comes at a cost to investors – but it isn’t always easy to see how much, says Stephen Clapham.
26 Sep 2022