Pennon Group
 | |
| Company type | Public |
|---|---|
| Industry | Water and waste |
| Founded | 1989 |
| Headquarters | Exeter, England, UK |
Key people | Gill Rider (Chair) Susan Davy (Chief Executive) |
| Revenue |  £825.0 million (2023)[1] |
 £153.1 million (2023)[1] | |
| £0.4 million (2023)[1] | |
Number of employees | 2,864 (2023)[1] |
| Subsidiaries | Bournemouth Water South West Water Bristol Water Pennon Water Services SES Water |
| Website | pennon-group |
Pennon Group plc is a British water utility company based in Exeter, England.[2] The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. 83% of the company's profits come from its subsidiary, South West Water.
History
[edit]The company was founded in 1989 as South West Water plc at the time of the privatisation of the Water Industry in England.[3] In 1993 it acquired Haul Waste and in 1995 it bought Blue Circle Waste Management.[3] It changed its name to Pennon Group plc in 1998.[3] By 2016, the company employed approximately 4,500 people, and provided water and sewerage to 1.7 million customers in South West England.[4]
The company successfully saw off a takeover bid from Terra Firma in 2004.[5] It acquired Thames Waste Management in 2004,[6] Wyvern Waste in 2006,[7] Grosvenor Waste Management[8] and Skipaway Holdings in 2007[9] and Shore Recycling in 2008.[10] In 2016, the group acquired Bournemouth Water in a deal worth £100 million,[4] integrating the company with South West Water, but keeping the Bournemouth Water name.[11]
On 8 July 2020, global investment firm KKR completed its £4.2 billion acquisition of waste firm Viridor from Pennon Group.[12]
In June 2021, the company acquired Bristol Water for $563 million.[13]
In January 2024, Pennon acquired SES Water for £380 million.[14] The acquisition was cleared by the Competition and Markets Authority in June 2024.[14]
In June 2024, the company announced the appointment of David Sprowle as its new chair, replacing Gill Rider the following month.[15]
Operations
[edit]The company's main asset is South West Water, which supplies water and sewerage services in Devon, Cornwall, and parts of Dorset and Somerset.[16] South West Water covers 83% of the group's profits.[17]
References
[edit]- ^ a b c d "Annual Report 2023" (PDF). Pennon Group. Retrieved 13 February 2024.
- ^ "Contact us". Pennon Group. Retrieved 26 February 2021.
- ^ a b c "Group History | Pennon Group PLC". www.pennon-group.co.uk. Retrieved 16 August 2016.
- ^ a b Vergnault, O. (21 January 2016). "Pennon group acquires Bournemouth Water in £100m deal". Western Morning News. Retrieved 16 August 2016.
- ^ "Terra Firma gives up in battle for British waste". The Independent. Retrieved 1 April 2015.[dead link]
- ^ "Viridor buys Thames Waste and expands landfill capacity". letsrecycle.org. Retrieved 1 April 2015.
- ^ Pennon's Viridor Waste Management buys Wyvern Waste Services for 25 mln stg Finanznachrichten, 15 May 2006
- ^ Viridor buys Grosvenor Waste Management for £81m Let's recycle, 5 December 2007
- ^ "Pennon Group's Viridor acquires UK waste management company for 14.7 mln stg Pennon PNN". advfn.com. Archived from the original on 23 February 2014. Retrieved 1 April 2015.
- ^ "BBC NEWS - UK - England - Devon - Pennon buys recycle firm for £23m". bbc.co.uk. Retrieved 1 April 2015.
- ^ Meldrum, Neil (12 January 2016). "Jobs at risk at Bournemouth Water after £100 takeover". Bournemouth Echo. Retrieved 16 August 2016.
- ^ "KKR to buy recycling group Viridor in £4.2bn deal". FT.com. 18 March 2020. Archived from the original on 11 December 2022.
- ^ "Pennon Group to offer undertakings to British regulator in Bristol Water deal". 22 December 2021 – via www.reuters.com.
- ^ a b "Sutton and East Surrey Water sale approved by watchdog". BBC News. 15 June 2024. Retrieved 19 June 2024.
- ^ Hunter, Michael (10 June 2024). "Pennon chair to go weeks after Devon water contamination scandal". Evening Standard. Retrieved 19 June 2024.
- ^ "Pennon Group: South West Water". Archived from the original on 29 September 2008. Retrieved 11 October 2008.
- ^ Gollan, Paul J. (2005). Voice and non-union workplace. Bradford, England: Emerald Group Pub. p. 244. ISBN 9781845441265. Retrieved 16 August 2016.
External links
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| National | |
