SAICA eyes UK growth with Cutts acquisition
A SPANISH company which has bought Yorkshire waste recovery business Cutts Recycling has decribed the deal as a “significant” acquisition as it eyes further growth in the UK.
Paper business SAICA has acquired Cutts, which operates two recovery centres in Doncaster and Sheffield employing 70 people.
Recycling around 70,000 tonnes of waste paper and cardboard, it has forecasted a 2011 turnover of £10m.
The deal has boosted SAICA as it looks to acquire tonnage for its state of the art paper mill which is being built at Partington near Manchester, and follows the acquisition in 2010 of Futur, a Wiltshire based waste management business.
Cutts Recycling was established in 1968 by brothers John, Michael and Patrick Cutts.
Patrick Cutts said: “I am delighted that SAICA has acquired the Cutts recycling business. SAICA are a very progressive family owned business into which Cutts Brothers will fit perfectly.”
John Cutts added: “I am very pleased that we are becoming part of SAICA but it is a sad day for me as this has been a big part of my life. I am sure the business will continue to expand and the SAICA mill in Partington is a very exciting development.”
The Sheffield office of PKF accountants and Yorkshire lawyers Walker Morris advised Cutts on the deal.
John Hamer, partner and head of corporate at Walker Morris, said: “Cutts Recycling is a great example of a family owned business which has been successful in the fast developing waste sector.”
