Cheshire recycling firm sold to Viridor
A FAMILY-owned Cheshire recycling company has been been bought by Viridor Waste Management for £1.7m in cash.
Winsford-based Storm Recycling collects and processes cardboard and plastics at its 30,000sq ft depot near Junction 18 of the M6. It was owned by John Buddle and his wife Melanie.
Mr Buddle said: “Since its launch in 2003, Storm Recycling has been servicing clients to the highest standards. By securing the acquisition of Storm, Viridor will be able to ensure that these high standards are maintained which is good news for the employees, customers, suppliers and all other stakeholders of the business.”
Viridor, which is part of the £1.1bn turnover water and recycling group Pennon, said the acquisition is in line with its strategy of expanding its waste management activities, particularly in the recycling sector.
Storm Recycling handles around 20,000 – 25,000 tonnes of cardboard and plastic a year.
Colin Drummond, chief executive of Viridor said, “The UK’s waste strategy demands ever increasing levels of recycling whilst the world has an increasing demand for raw materials including recyclate.
“Recycling is a fast growing part of Viridor’s business and accounted for around 25% of the company’s profits in 2010/11. This acquisition has an excellent geographic and business fit with Viridor’s existing operations in the North West of England and complements our existing recycling activities elsewhere in the UK.
“The recyclate from Storm Recycling will also provide additional volumes for our international trading arm. The acquisition is expected to be earnings enhancing in its first full year.”
Viridor is one of the partners in the Greater Manchester waste PFI deal.