Credential Automotive Boosted by Sale of Hazardous Division
Credential Environmental has sold its hazardous waste division for £8.13 million giving the company’s tyre and waste business – Credential Automotive – a multi-million pound platform for growth through acquisition and new projects.
Credential Hazardous specialises in the recycling and safe disposal of a wide range of waste materials. The division offers services including the collection, storage, treatment, recovery and transfer of hazardous and difficult waste materials, and has been acquired by AIM-listed Augean plc, is a market leader in the disposal of hazardous waste materials, which already operates four sites across the UK including two of the UK’s largest hazardous waste landfill sites.
Nick Wyatt, managing director of Credential Environmental said: “Over the past couple of years we have built a very significant waste group by bringing together businesses including Waste Tyre Solutions, Automotive Waste Solutions, Betta Special Waste and most recently Tyre Collections Services as Credential Environmental. To exit the hazardous sector makes a great deal of sense, and leaves us more resource to focus on Credential Automotive’s market lead. The funds generated by the sale will allow us to make further acquisitions to bolster Credential Automotive and our unique position in the automotive waste markets.”
Steve Patterson, director of Credential Automotive added: “The deal was right for Credential Automotive and we now have more resources available to look at further acquisitions to complement our tyre operations, where we now hold a unique position and unrivalled capability. We are actively seeking new acquisitions to accelerate our gain of market share, and we already have a number of new projects planned that will develop new services and products to bring innovation to the waste tyre sector.”
Credential Automotive continues to be based at the firm’s Newton Aycliffe site, and will operate a total of five sites around the UK employing 100 staff following the sale.
Andy Hinton and Nick Wyatt, chairman and managing director of Credential Environmental have a track record in building value into companies operating in the waste sector, including White Rose Environmental which they sold in 2004.