Augean sells Waste Network businessPrint news article
Specialists from Walker Morris’ Energy, Waste & Renewables Team have advised Augean plc on the disposal of parts of its former Waste Network division, the proposed closure of which was announced last September.
Augean, which is one of the UK’s leading specialist waste management businesses, will retain certain assets to form a new business: Augean Integrated Services (AIS) based at Cannock.
Of the remaining businesses of the division the business, site and assets based at Hinckley have been sold to Greenway Environmental for £400,000. A second transaction, with Cleansing Service Group, for the business based at Rochdale and Worcester, has also completed. Cash proceeds of £800,000 from this sale take the total value received from the Waste Network sales to £1.2m.
Commenting on the transaction Dr Stewart Davies, Chief Executive Officers said:
“The sale and closure of the former Waste Network division represents a significant change in the structure and focus of the Augean Group. The disposal is consistent with our ambition to grow the group’s activities in waste markets offering enhanced margins and more secure revenue streams.”
Walker Morris team was led by partner John Hamer with support from Judith Pike (partner). The deal follows Augean’s announcement last week in relation to its £15 million refinancing on which Walker Morris also advised Augean