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Shanks Group plc Signs Binding Agreement To Sell Majority Of UK Solid Waste Business

Tuesday, 15 Oct 2013 02:00am EDT 

Shanks Group plc announced that it has signed a binding agreement to sell the majority of its UK Solid Waste business - which collects, sorts and processes commercial and industrial waste in the UK - to Biffa (the 'Disposal Assets'). In addition, Shanks will exit its remaining UK Solid Waste business, with processes underway to sell its Blochairn and Kettering materials recycling facilities. Shanks will retain its profitable Elstow facility ('Elstow') which serves municipal customers in Bedfordshire. The Disposal Assets comprise 11 facilities in England and Scotland and all of Shanks' UK Solid Waste business with the exception of Elstow (which is being transferred to the Group's UK Municipal business) and Kettering and Blochairn which the Group will exit separately in the near future. The cash consideration payable for the Disposal Assets is GBP9.5 million on a debt free and working capital free basis. It is expected that Shanks will benefit from an additional cash inflow of approximately GBP3 million following the sale of the Disposal Assets as the historic associated working capital unwinds. The net cash inflow for Shanks upon completion of the sale of the Disposal Assets and after transaction and restructuring costs is expected to be approximately GBP8 million. 

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-1.25 -1.24%
31 Jul 2015