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Surprise £200m management buyout of Cory Environmental

Cory Environmental has been sold to a private equity company as part of a management buyout for £200 million - a move that will surprise many in the recycling industry.

Montagu Private Equity has agreed to acquire Cory backing the existing management team.

Cory owns nine landfill sites across the UK and has contracts for recycling, street cleaning and waste collection from Lincolnshire to Cornwall.

Its executive chairman David Riddle said: "It is very much a case of business as usual. We will honour all our current contracts and continue to seek out new opportunities to grow and develop our business."

Montagu Private Equity director Jason Gatenby said: "We are delighted to be backing the management buyout of Cory. It has well-located landfill assets, excellent growth prospects and a very experienced and widely respected management team."

Discussions between Cory management, Montagu and Cory's owners Exel have been ongoing for a number of months with Excel keen to focus on their core business of logistics and supply management.

Cory is best known for operating barges on the Thames moving around 15% of London's waste by barge. This removes 100,000 lorry movements per year from London's roads.

Cory employs 1,085 people and its headquarters are in London.

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