Mon, 24 Mar 2014 | DIVISION SALE
Leeds-based Waste group Augean has announced the sale of its Waste Network business, months after initially speaking of its plans to sell the business.
The sell-off plans announced back in September 2013 included closing down the division in January this year. Some related assets have been kept to create a new business – Augean Integrated Services (AIS). Based in Cannock, Staffordshire, the newly formed business is supporting a few clients with their waste management needs.
It has been announced today (24 March) that two transactions have taken place for the remaining aspects of the business.
Greenway Environmental has purchased the business, site and assets at Hinckley, Leicestershire, for £400,000. The Waste Network business at Rochdale and the site at Worcester have been bought by Cleansing Service Group for £800,000.
The funds received in the sale are less than the value of the relevant assets and goodwill held by Augean at 31 December 2013, with exceptional impairment charges of £4 million to be included in the group’s results for 2013.
The deals will enable Augean to grow says chief executive officer Dr Stewart Davies: “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.”
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Related information:
Augean confirms plans to sell Waste Network division
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