United Utilities sells its PFI waste interests
UNITED Utilities has sold its interests in private finance initiative-funded waste schemes to the Shanks Group.
In a stock market statement Shanks said it will take UU’s place on all of its existing bids including preferred bidder for a public private partnership (PPP) municipal waste treatment contract for Derbyshire County and Derby City Councils and short-list positions at Leicester, Derry and Gloucester.
Shanks said it will make a “small initial payment” but any consideration will depend on the success of each bid.
The waste management group said it will also take on additional skilled technical and commercial staff from the UU bid team, strengthening its existing resources.
Group chief executive Tom Drury said: “This acquisition represents an important step forward in the roll-out of our PFI strategy, increasing our pipeline of opportunities and bringing us closer to our next full award as preferred bidder for Derbyshire.
“The sale of the PFI equity stakes and the addition of UU’s PFI waste business simplifies our PFI business and strengthens our position as one of the leading operators in the UK PFI waste market.”
Warrington-based United Utilities has spent the past year selling off assets in its non-regulated business.
