Biffa Explained
| Biffa Limited |
| Trade Name: | Biffa |
| Type: | Private |
| Traded As: | (2016–2023) |
| Foundation: | in Wembley, London, England |
| Founder: | Richard Henry Biffa |
| Hq Location: | High Wycombe |
| Location Country: | England |
| Area Served: | United Kingdom |
| Industry: | Waste management |
| Revenue: | £1,042.0 million (2021)[1] |
| Operating Income: | £44.2 million (2021) |
| Net Income: | £(40.5) million (2021) |
| Owner: | Energy Capital Partners (2023–present) |
| Num Employees: | 8,238 (2021) |
Biffa Limited is a waste management company headquartered in High Wycombe, England. It provides collection, landfill, recycling and special waste services to local authorities and industrial and commercial clients in the United Kingdom., it was the UK's second-largest waste-management company.[2]
It was listed on the London Stock Exchange until it was acquired by the private-equity firm, Energy Capital Partners, in January 2023.[3]
History
The company, which was originally engaged in the removal and sale of ashes and clinker from London power stations, was founded in Wembley by Richard Henry Biffa as Richard Biffa Limited, in 1912.[4]
In 1958 Richard Henry Biffa's grandson, Richard Charles Biffa, joined the business and, after becoming general manager in 1963, grew the business organically and by acquisition.[4] The business was acquired by British Electric Traction in 1971 and by Severn Trent for £212 million in 1991.[4] It acquired the American-owned UK Waste for £380 million in 2000.[5]
Severn Trent demerged the company to a consortium formed by Global Infrastructure Partners, Montagu Private Equity and Uberior Co-Investment in 2008.[4] It acquired recycling firm Greenstar UK for £135 million in 2010.[6]
The company was re-listed on the London Stock Exchange on 17 October 2016.[7]
In June 2022, Biffa received a buyout proposal from private-equity firm, Energy Capital Partners, at £4.45 a share, a 37% premium to the share price, valuing the company at £1.36 billion.[8] [9] The proposal was approved by the court, allowing it to proceed, on 25 January 2023.[10]
Operations
Biffa cover 95% of the UK. The company runs two Material Recycling Facilities (MRF).[11]
Prosecutions for illegal activities
Biffa has been prosecuted for the following breaches of environmental waste export laws:
- The company was convicted of four breaches of waste shipment regulations during the period 2018-2019.[12]
- The company was convicted of attempting to export used nappies and materials illegally in 2020.[13]
- In 2021, the company was found guilty in a case brought about by the Environment Agency, having attempted to illegally export banned household waste items, including plastic bags, tins, clothing and condoms - incorrectly identified as waste paper. The company was fined £1.5 million, and severely rebuked by Judge Shane Collery QC, who described Biffa as "having shown no contrition" for this crime, referring to their actions as "reckless, bordering on deliberate".[14]
See also
Notes and References
- Web site: Annual Report 2021. 16 February 2022. Biffa.
- News: Flanagan. Martin. Business Interview: Biffa chief Ian Wakelin. 25 September 2017. The Scotsman. 23 September 2017.
- Web site: Energy Capital Partners (ECP) Completes Acquisition of Biffa. 27 January 2023. PR Newswire. 10 July 2023.
- Web site: Biffa looking forward after 100 years. 24 December 2012. Let's Recycle. 6 March 2020.
- Web site: Severn Trent to buy UK Waste. 5 June 2000. Citywire. 6 March 2020.
- Web site: Biffa owners acquire Greenstar for £135m. 10 June 2010. Environment Analyst. 6 March 2020.
- News: Bury. Rhiannon. Biffa profits hit by costs of London float. 18 September 2017. The Daily Telegraph. 14 June 2017.
- News: Alabi. Leke Oso. UK waste manager Biffa receives takeover bid. 8 June 2022. Financial Times. 7 June 2022.
- News: Karimi. Amna. Waste-management specialist Biffa soars on $1.7 billion buyout proposal. 8 June 2022. Reuters. 7 June 2022.
- News: Biffa says GBP1.3 billion takeover crosses final hurdle. Morning Star. 25 January 2023. 27 January 2023.
- Web site: How a fifth of all recycling sent to one north London plant is just burnt, fuelling the capital's dirty air crisis. 24 October 2019. Hackney Gazette. 14 January 2021.
- Web site: Waste firm fined £1.5m for illegal exports of rubbish. 30 July 2021. ITV News.
- Web site: UK waste firm Biffa loses appeal after exporting dirty waste to China. 3 July 2020. The Guardian.
- Web site: UK waste firm fined £1.5m for exporting household waste. 30 July 2021. The Guardian.
