The group includes UK Nationwide Skip Hire Ltd, Skips @ Home Ltd and Cory Environmental Recycling Services Ltd – a commercial waste business owned by Cory Environmental but operated independently.
Cory Environmental Recycling Services, which is also based in Shropshire, includes Carlsberg UK, Caterpillar Logistics and Jones Bootmaker amongst its clients according to the company’s website.
The reported collective revenues of the businesses totalled £13m for the year ending 2015, employing 38 people.
Reconomy’s latest acquisition follows the purchase of Countrywide Waste Management Ltd (see letsrecycle.com story) and Network Waste in 2015 (see letsrecycle.com story), marking a period of growth for the Telford-based company over the last four years.
As a result of the acquisition, Reconomy currently predicts a pro forma revenue of £125m by the end of 2016.
Acquisition
Commenting on the deal, Paul Cox, managing director of Reconomy, said: “Cory Environmental’s brokerage arm is a group of businesses we know very well, being in such close geographical proximity to ourselves. This is an important acquisition for us, with a business that boasts an excellent customer base which complements that of Reconomy.
“The business has a strong focus on customer service and a company culture that we feel will not only work well with Reconomy, but also help us to grow and enhance our unique approach to waste management.”
“The acquisition of the brokerage businesses from Cory Environmental Group further underlines Reconomy’s position as an industry leader in the waste sector and demonstrates that businesses want more from a waste provider than simply disposing of their waste.”
Cory Environmental has stated that the sale is “a result of a strategic review launched by Cory’s Board which concluded that the brokerage business was no longer core to Cory.”
Growth
Mr Cox added: “There has never been a better time to be part of Reconomy as we continue to grow, look ahead and develop ourselves well beyond the expectations of a traditional waste management provider.”
“We will continue to invest in each business within our portfolio and look to strengthen our workforce in the coming weeks and months to ensure we maintain a first class service for our customers.
“Whilst uncertainty remains in the UK construction market, Reconomy continues to provide an alternative approach to customers that delivers great service, reduced hassle and cost efficiencies.”
Reconomy provides outsourced waste management services to the construction, house building, infrastructure and industrial and commercial sectors.
The company is owned by Bregal Capital which, ahead of the recession, in July 2006 formed Reconomy (Holdings) Limited as the holding company to develop a business in the recycling-led waste management sector within the UK.
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