Energy-from-waste firm buys Devon site

TEG Group, the Preston firm which develops and operates organic waste composting and energy plants, has acquired a composting operation at Hillbarton, near Exeter.  

It has bought the site from Glendale Recycling, a subsidiary of Parkwood Holdings which is also based in Preston.

The acquisition is on a cash-free, debt-free basis for a nominal initial consideration of £1 with a further potential deferred consideration of up to £400,000 depending on the profit performance over the next four years.  

TEG’s board expects the site to operate profitably in its first 12 months, with revenues of around £1m a year. It plans to supply waste from its brokerage business that is currently processed through third party operators, to supplement the existing waste supplies to the site. The Hillbarton site has a combined capacity of 34,000 tonnes a year.

Chief executive Mick Fishwick said: “We are delighted to have acquired this excellent facility from Glendale. It is a high quality operation, and one that we know well as TEG installed the IVC in 2008. The plant fits well from a geographical perspective, giving the Company an outlet to service the South West of England, and we have identified some exciting opportunities for future growth.”

Leeds law firm Walker Morris advised TEG.

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