International waste and recycling firm, Renewi, has completed the sale of its non-core Westcott Park anaerobic digestion (AD) facility to Olleco, the Renewables Division of ABP Food Group.
The company saud that the sale reflects the decision by its Board to exit the loss making facility in line with its strategy to actively manage its Municipal portfolio to improve Group margins and returns.
According to the firm the exit has been achieved quicker than expected and under new ownership the facility is expected to benefit from scale thereby enabling it to operate optimally in the future.
As part of Olleco the facility will be part of a network of plants supporting the food service sector as part of a fully closed loop operation.
Olleco serves 50,000 customer sites and employs over 600 people across the UK. All employees based at Westcott Park will transfer over to Olleco so maintaining job security for all working at the facility.
“The sale of our Westcott Park facility is completely in line with our strategy to actively manage our Municipal portfolio,” commented James Priestley, managing director of Renewi’s Municipal Division.
“We are taking decisive action to improve the performance of the Division and this demonstrates we are delivering against that recovery plan,” he coninued.
“The facility and the team based there will now be part of an operation exclusively focused on the food waste market which will be beneficial for customers and suppliers as well as the people based at the facility. We will now work with Olleco to ensure a seamless transition,” concluded Priestley.
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