Water group Pennon has acquired waste collection and recycling business JWT Holdings in an effort to expand its waste management activities, particularly in the collection, recycling and energy recovery sectors.
JWT, based in Atherton, Greater Manchester, was bought from John William Thomasson for a total consideration of £7.6m (£6.58m cash plus acquired net debt). It employs 45 staff and handles around 70,000 tonnes of material a year.
The acquisition, made from Pennon's subsidiary Viridor Water Management, will see JWT's Materials Recycling Facility and fleet of 29 vehicles integrated into Viridor's northern region.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"The acquisition of JWT provides excellent synergies with Viridor's existing activities in Manchester and across the North West," said Viridor's Chief Executive Colin Drummond.
"It complements other recent acquisitions in the region and Viridor's development of the UK's largest waste fired Combined Heat and Power facility at Runcorn, the first phase of which will be operational in 2013. The acquisition is expected to be earnings enhancing in its first full year."
BC
-
Inheritance tax reforms: government urged to rethink curbs on rural reliefsMPs want the government to delay changes to inheritance rax reliefs for farmers
-
‘I’m among the thousands of millionaires leaving the UK – the new tax rules don’t make sense ’MoneyWeek spoke to a serial entrepreneur who is leaving the UK following the abolition of the non-dom tax status
