Jonathan Straight, the founder of one of the UKs most recognisable waste and recycling container brands Straight plc, today (August 11) expressed his pride at how far the business has come as he prepared to bow out as chief executive.
Speaking to letsrecycle.com before company ownership was expected to be officially transferred to the Irish One51 Group, Mr Straight said that he had enjoyed his 21 years and three months at the helm.
It feels like yesterday that I was working out of a broom cupboard in Leeds. I grew that into a 30 million turnover company with 150 staff at its peak. At the end of the day nobody can take that away. That remains my achievement. I am so proud.
It has been a pleasure to lead a business which delivered genuine environmental benefit and which has been a key part in the improvement in recycling rates both in the UK and elsewhere.
Up until now, Straight has been a publicly listed company (plc) of which Mr Straight owned 38%. However, following the 10.7 million acquisition it is to become a private company, owned by One51 which also owns rival bin manufacturer MGB.
Acquisition
The acquisition includes Straights factory in Hull, head office in Leeds, its customer base and its brand something which Mr Straight claims is the strongest in the market.
‘I would be interested to do other work with quoted businesses in a non-executive capacity. Im interested in helping start-ups in a mentoring and potentially investing capacity.’
Jonathan Straight
He said: There will be an announcement today to say the scheme of arrangement is effective and the ownership transfers at that point.
In any market consolidation is inevitable. It ought to give customers a better deal. The competition authorities have scrutinised this deal and are happy with it.
Direction
Commenting on where One51 might take the business, he said: If you put Straight and MGB together you have something of scale and the ability to do bigger deals. The scale they have will allow them to improve efficiencies and buying capabilities and add further businesses to the group.
I know their plans are to build the plastics side of the business in quite a dramatic way.
Mr Straight said that no replacement chief executive had been appointed but that his operations director, Mark Halford, was probably going to look after the business.
However, Mr Straight said he was still sad to leave something he had built up from the ground: I am happy the company has its future secured and will be able to achieve the scale I had sought for it but I am sad because you create something with your name above the door and once you do your name is still above the door but you do not have the control. I am sad because there are customers and suppliers I have dealt with for many years, but I will keep in touch with people. I am not deceased!
One51
Mr Straight said there are limitations on what he is allowed do in the short term and that he would be retained as a consultant by One51 although whether they need anything remains to be seen. The indication so far is they have their own ideas for the business.
In the longer term, Mr Straight said he was back where I was 21 years ago and was keen to work on new ventures and ideas.
I would be interested to do other work with quoted businesses in a non-executive capacity. Im interested in helping start-ups in a mentoring and potentially investing capacity. If the business has some social or environmental benefit I am happy to get involved. I also want to do half a day to a day a weeks charity work, he commented.
I am not disappearing. I am on Linked In and Twitter and have a new account, @planetStraight.
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