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 100 Index. 83% of the company's profits come from its subsidiary, South West Water.

Pennon Group plc
TypePublic
LSE: PNN
FTSE 100 Component
IndustryWater and waste
Founded1989
HeadquartersExeter, England, UK
Key people
Gill Rider (Chair)
Susan Davy (Chief Executive)
Revenue£1,478.2 million (2019)[1]
£351.0 million (2019)[1]
£222.6 million (2019)[1]
Number of employees
5,239 (2019)[1]
SubsidiariesSouth West Water
Websitewww.pennon-group.co.uk

History

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]

Operations

The company's main asset is South West Water, which supplies water and sewerage services in Devon, Cornwall, and parts of Dorset and Somerset.[13] South West Water covers 83% of the group's profits.[14]

References
  1. "Annual Report 2019" (PDF). Pennon Group. Retrieved 3 March 2020.
  2. https://www.pennon-group.co.uk/contact-us/directions
  3. "Group History | Pennon Group PLC". www.pennon-group.co.uk. Retrieved 16 August 2016.
  4. Vergnault, O. (21 January 2016). "Pennon group acquires Bournemouth Water in £100m deal". Western Morning News. Retrieved 16 August 2016.
  5. "Terra Firma gives up in battle for British waste". The Independent. Retrieved 1 April 2015.
  6. "Viridor buys Thames Waste and expands landfill capacity". letsrecycle.org. Retrieved 1 April 2015.
  7. Pennon's Viridor Waste Management buys Wyvern Waste Services for 25 mln stg Finanznachrichten, 15 May 2006
  8. Viridor buys Grosvenor Waste Management for £81m Let's recycle, 5 December 2007
  9. "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.
  10. "BBC NEWS - UK - England - Devon - Pennon buys recycle firm for £23m". bbc.co.uk. Retrieved 1 April 2015.
  11. Meldrum, Neil (12 January 2016). "Jobs at risk at Bournemouth Water after £100 takeover". Bournemouth Echo. Retrieved 16 August 2016.
  12. "KKR to buy recycling group Viridor in £4.2bn deal". FT.com. 18 March 2020.
  13. "Pennon Group: South West Water". Archived from the original on 29 September 2008. Retrieved 11 October 2008.
  14. Gollan, Paul J. (2005). Voice and non-union workplace. Bradford, England: Emerald Group Pub. p. 244. ISBN 9781845441265. Retrieved 16 August 2016.
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