Telford-based Reconomy snapped up by investment firm
A major employer in Telford has been snapped up by a significant London-based investment company.
Award-winning waste management firm Reconomy, which has itself been on a major spending spree in recent years which has seen it bring other businesses into the company, has been acquired by EMK Capital LLP.
The Telford firm, which chalked up sales of £111 million last year and employs about 300 people from its Stafford Park headquarters, manages about three million tonnes of waste a year on behalf of thousands of companies from across the UK.
It was named Company of the Year at the 2017 Shropshire Business Awards in June, in recognition of the quickfire growth the company has enjoyed in recent years.
Reconomy’s chief executive Paul Cox said the new partnership represents the next stage in the group's "transformational growth story".
"We are all excited by the opportunity to work with EMK and look forward to building upon our best-in-class tech platform, nationwide reach, and continued high customer satisfaction and service levels, to even greater successes in the future," he said.
“Though Reconomy’s leadership team remains largely unchanged, we will see two valued colleagues, Patrick MacDonald and David Benton step away from the business.
"We thank them for helping Reconomy to become the business that it is today and wish them the very best for the future".
Mr MacDonald joined Reconomy in 2009, initially as chief executive and more recently as Chairman, and has been instrumental in the group's transformation.
Mr Benton has amassed an exceptional amount of waste industry knowledge during a career that has spanned more than 50 years.
EMK has held a stake in Reconomy since 2010, but has now completed the acquisition of the business.
The investment company, based near London's Marble Arch, also has investments in a number of other businesses including Whittan, the owner of racking specialist Link 51 which has an operation in Telford.
Reconomy's growth in recent years had been part of an overall plan to grow the business to a turnover of £200 million by the end of the decade.
In 2015 the Telford company took over Countrywide Waste Management, before adding Network Waste the same year and Skippy Nationwide in 2016.
The acquisition spree also saw the company expanded into major new offices in Telford's Stafford Park Industrial Estate.