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Disposal of Waste Network businesses

We announce the sale of certain businesses and sites of our former Waste Network division.

The closure and proposed sale of the Waste Network division was announced in September 2013. Since that time the Group has received numerous expressions of interest to acquire all or part of the business and several offers from potential purchasers. As part of this process the division ceased to operate on 2nd January 2014 and certain assets were retained to form a new business: Augean Integrated Services (AIS). The AIS operations are based at Cannock, initially supporting a small number of clients requiring total waste management services.  The remaining businesses of the Waste Network have continued to trade during the first quarter of 2014 whilst the sale process has continued. We are pleased to announce that transactions involving two separate purchasers have now been agreed to sell these businesses and associated assets.

The first of these transactions related to the business site and assets based Hinckley, which have been sold to Greenway Environmental Limited. The proceeds from this sale were £0.4m. A second transaction, with Cleansing Service Group Limited, for the business based at Rochdale and the site at Worcester is also complete. Proceeds from this sale take the total value received from the Waste Network sale to £1.1m (net of project costs).

As anticipated at the time of the Interim Results in September 2013, the total sales proceeds are less than the carrying value of the relevant assets and goodwill held by the Group at 31 December 2013. This will result in exceptional impairment charges which will be included in the Group’s Results for 2013.

The sale and closure of the former Waste Network division represents a significant change in the structure and focus of the Augean Group. The disposal is consistent with our ambition to grow the Group’s activities in waste markets offering enhanced margins and more secure revenue streams.

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