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Gory is bought out by its management
Page 10
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ONE OF the UK's best-known waste management and transport companies has been bought out by its managers for £200m. Parent group Exel says Cory Environmental does not fit in with its core supply chain management business.
Cory employs more than 1,000 people and has a fleet of nearly 120 trucks, most of which are used for local authority waste collection.
As well as providing wasterelated services for councils, the London-based company is involved in waste transport and disposal services for the private sector.
Executive chairman David Rid die says: "It's very much a case of business as usual.We will honour aui our current contracts and continue to seek out new opportunities to grow and develop our business."
The buyout is being backed by private equity investor Montagu, which says Cory has a widely respected management team and excellent growth prospects.
Last year Cory made an operating profit of more than £13m. It is best known for using barges on the River Thames to transfer waste; this is estimated to remove 100,000 truck movements a year from London's roads.