Pennon Group
| File:PennonGroupLogo.PNG | |
| Company type | Public |
|---|---|
| LSE: PNN | |
| Industry | Water and waste |
| Founded | 1989 |
| Headquarters | Exeter, Devon, UK |
Key people | Sir John Parker (Chairman), Susan Jane Davy (Group Director of Finance), Christopher Loughlin (Chief Executive), Ian James McAulay (Chief Executive) |
| Revenue | £1,357.2 million (2015)[1] |
| £246.6 million (2015)[1] | |
| £142.3 million (2015)[1] | |
Number of employees | 4,500 |
| Website | 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
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
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
- ^ a b c "Annual Report 2015". Pennon Group. Retrieved 7 September 2015.
- ^ 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.
- ^ "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. 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.
- ^ Pennon Group: South West Water
- ^ Gollan, Paul J. (2005). Voice and non-union workplace. Bradford, England: Emerald Group Pub. p. 244. ISBN 9781845441265. Retrieved 16 August 2016.
- ^ "Viridor". pennon-group.co.uk. Retrieved 1 April 2015.
- ^ Hanna, Nick (2011). Investing In Waste & Energy Resources: A concise guide to the technologies and companies for investors. Harriman House Limited. ISBN 9780857190789.
- ^ "Staff departures as Viridor consolidates recycling sites". Resource. 8 April 2016. Retrieved 16 August 2016.
- ^ "Viridor shedding 5% of workforce nationwide, CEO Ian McAuley buys almost 10,000 shares". Somerset County Gazette. 18 February 2016. Retrieved 16 August 2016.