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Biffa 'favours flotation'

2000 Biffa Municipal vehicle

Biffa is reported to have shelved plans for a sell-off and now favours a stock market flotation.

Sky News says that Biffa’s advisers have been telling potential bidders the board wants to pursue a public listing ahead of a private sale.

Sources have told Sky News’ city editor Mark Kleinman that a flotation is anticipated towards the end of this year but could slip into early 2017.

Kleinman says Biffa’s management team wants to use the proceeds to boost its acquisition strategy.

MRW understands that the response of would-be buyers in a £1bn takeover battle was strong enough for directors to believe that flotation was the better option.

In February, MRW reported Sunday Times claims that a Chinese company was leading the pack.

Biffa’s main shareholders, US investment firms Angelo Gordon, Avenue Capital and Sankaty Advisors, had put the company up for sale in 2015. The company is being advised by Rothschild, the investment bank.

Biffa told MRW it would not comment on the latest report at this stage.

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