The move safeguards 143 jobs across the Group’s five operating MBT and in-vessel composting sites and its head office in Verwood, Dorset.
Sarah Bell and Philip Duffy, managing directors of Duff & Phelps, were appointed joint administrators of the New Earth Group of companies on Tuesday (7 June), following the waste firm’s announcement that talks to sell off its debt to a CHP developer had collapsed (see letsrecycle.com story).
Sale of the companies was completed yesterday (9 June) to Dm Opco Limited, which according to Companies House was incorporated in April 2016 and is directed by accountant James Declan McKelvey.
The business, assets and subsidiaries of the companies, will meanwhile continue to trade as New Earth.
Sale
Commenting on the sale, Ms Bell said: “Following a successful demerger of its waste to energy business in July last year, the Group recently underwent a parent company restructuring process. New ownership has enabled the Group to strengthen its balance sheet and it is now fully funded to secure strong future growth.”
A spokesperson for DM Opco Limited added: “I look forward to working with the management team and all employees in order to re-establish the business and deliver strong future growth. New ownership has enabled the Group to strengthen its balance sheet and it is now fully funded.”
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