Shropshire waste companies in buyout deal

Reconomy, which is based in Stafford Park in Telford, has bought out Shrewsbury's Countrywide Waste Management, for an undisclosed sum understood to amount to millions of pounds.

The move will see all staff retained to develop the enlarged business, which will employ around 200 people and have a turnover of £80 million. That includes 150 workers from Reconomy, and 50 from Countrywide who will be joining the business. Reconomy's turnover is approximately £65 million at the moment, with the new addition adding a further £15 million to its top line.

Countrywide owners Paul and Louise Corbett will become part of the management of the company.

Reconomy managing director Paul Cox said: "Reconomy has been growing quite aggressively for some 20 years, albeit with a slight kick back in the recession. This is our first step back towards forward momentum, after three years of growth. It's very exciting news. It's great for all our staff, and for the future of the business."

The takeover has been in the offing for the last six months following an approach for the Battlefield-based company by Reconomy, and was completed on Tuesday evening. Staff were informed of the completed deal on Wednesday afternoon.

The company, which was last year named as one of Britain's 10 fastest growing waste companies, says it expects to continue growing at a rate of around 20 per cent a year.

"We are delighted to have acquired Countrywide Waste Management to further establish ourselves as the leading provider of waste services to the construction industries," Mr Cox added.

"The synergies between the two businesses, both in terms of culture and customer base, means Reconomy will quickly benefit from an increased supply chain that can deliver enhanced customer requirements, satisfaction and competitive prices."