Pennon Group

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Pennon Group plc
Public
Traded asLSEPNN
IndustryWater and waste
Founded1989
HeadquartersExeter, Devon, UK
Key people
Sir John Parker (Chairman)
Christopher Loughlin (Chief Executive)
Revenue£1,353.1 million (2017)[1]
£304.6 million (2017)[1]
£180.5 million (2017)[1]
Number of employees
4,799 (2017)[1]
SubsidiariesSouth West Water
Viridor
Websitewww.pennon-group.co.uk

Pennon Group plc is a British water utility and waste management company based in Exeter, Devon in the United Kingdom. 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.[2] In 1993 it acquired Haul Waste and in 1995 it bought Blue Circle Waste Management.[2] It changed its name to Pennon Group plc in 1998.[2] By 2016, the company employed approximately 4,500 people, and provided water and sewerage to 1.7 million customers in South West England.[3]

The company successfully saw off a takeover bid from Terra Firma in 2004.[4] It acquired Thames Waste Management in 2004,[5] Wyvern Waste in 2006,[6] Grosvenor Waste Management[7] and Skipaway Holdings in 2007[8] and Shore Recycling in 2008.[9] In 2016, the group acquired Bournemouth Water in a deal worth £100 million,[3] integrating the company with South West Water, but keeping the Bournemouth Water name.[10]

Operations[edit]

The company's main asset is South West Water, which supplies water and sewerage services in Cornwall, Devon and parts of Dorset and Somerset.[11] South West Water covers 83% of the group's profits.[12] It also owns Viridor, a waste management business[13] which includes 241 sites including 24 landfills.[14] In 2016, the company announced that they would be closing some of their recycling sites as part of a £9 million cost saving exercise,[15] which would lead to 5% job losses.[16]

References[edit]

  1. ^ a b c d "Annual Report 2017" (PDF). Pennon Group. Retrieved 28 March 2018.
  2. ^ a b c "Group History | Pennon Group PLC". www.pennon-group.co.uk. Retrieved 16 August 2016.
  3. ^ a b Vergnault, O. (21 January 2016). "Pennon group acquires Bournemouth Water in £100m deal". Western Morning News. Retrieved 16 August 2016.
  4. ^ "Terra Firma gives up in battle for British waste". The Independent. Retrieved 1 April 2015.
  5. ^ "Viridor buys Thames Waste and expands landfill capacity". letsrecycle.org. Retrieved 1 April 2015.
  6. ^ Pennon's Viridor Waste Management buys Wyvern Waste Services for 25 mln stg Finanznachrichten, 15 May 2006
  7. ^ Viridor buys Grosvenor Waste Management for £81m Let's recycle, 5 December 2007
  8. ^ "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.
  9. ^ "BBC NEWS - UK - England - Devon - Pennon buys recycle firm for £23m". bbc.co.uk. Retrieved 1 April 2015.
  10. ^ Meldrum, Neil (12 January 2016). "Jobs at risk at Bournemouth Water after £100 takeover". Bournemouth Echo. Retrieved 16 August 2016.
  11. ^ Pennon Group: South West Water
  12. ^ Gollan, Paul J. (2005). Voice and non-union workplace. Bradford, England: Emerald Group Pub. p. 244. ISBN 9781845441265. Retrieved 16 August 2016.
  13. ^ "Viridor". pennon-group.co.uk. Retrieved 1 April 2015.
  14. ^ Hanna, Nick (2011). Investing In Waste & Energy Resources: A concise guide to the technologies and companies for investors. Harriman House Limited. ISBN 9780857190789.
  15. ^ "Staff departures as Viridor consolidates recycling sites". Resource. 8 April 2016. Retrieved 16 August 2016.
  16. ^ "Viridor shedding 5% of workforce nationwide, CEO Ian McAuley buys almost 10,000 shares". Somerset County Gazette. 18 February 2016. Retrieved 16 August 2016.

External links[edit]