Cory Environmental Group has sold its collection business to Biffa Waste Services in a deal worth £23 million.
Cory, one of the UK’s leading resource management, recycling and energy recovery companies, has been delivering waste and recycling collection in Cornwall on behalf of Cornwall Council since 2011.
The sale is a result of a strategic review launched by Cory’s board which concluded that its collection business – Cory Environmental Municipal Services Limited (CEMS) – was no longer core.
Nicholas Pollard, Cory’s group CEO, said: “This transaction follows directly from our strategic review. It will simplify our Group structure, enabling us to invest substantially and develop our core business of providing and operating infrastructure for waste management, materials recycling, waste disposal and energy generation – in particular at our Riverside facility, one of the UK’s largest, cleanest and most efficient Energy from Waste plants.
“Biffa are a natural owner for CEMS and we wish the business every success for the future.”
The business has been sold to Biffa for an enterprise value of £23 million, delivered as consideration of £13.5 million and an additional cash release to Cory of £1.8 million.