Wetherby-based Augean, one of the UK’s leading specialist waste management businesses, today announces that it has disposed of the entire issued share capital of total waste management broker, AIS Limited to Regen Devco Limited, a subsidiary of Regen Holdings Limited for £3.8m.
Regen Devco, a subsidiary of Regen Holdings Limited, is based near Grantham.
AIS Limited reported a revenue of £8m, EBITDA of £500,000 and losses of £400,000 for the year ended 31 December 2017.
As part of the disposal, all 35 AIS employees will transfer with the AIS business. AIS has signed a three-year exclusive supply agreement to use Augean for its hazardous waste disposal and treatment. This will include the East Kent High Temperature Incinerator which Augean will retain.
Jim Meredith, Executive Chair, says: “We are pleased to announce the disposal of AIS to Regen Devco while retaining the ongoing hazardous waste disposal. This transaction forms part of our plan to streamline the Group, concentrate on cash generation to reduce debt and focus on rebuilding the core strengths of the Group moving forward.”