Organic waste specialist TEG Environmental has acquired Banham Compost in a £3.1 million deal.
Acquired from parent company Banham Poultry, the 28,000 tonne facility composts green and category three waste products from both the public and private sector.
TEG believes the Norfolk site, which is currently running at 55 per cent capacity, has great potential and is confident it can push capacity up to 90 per cent by mid-2010.
TEG commercial director Jayne Pierre said: The site is in a prime position to service the region as demand for organic waste facilities continue to grow steadily, with local authorities being encouraged to increase food and green waste recycling.
The firm funded the purchase after raising £1.9m through the Alternative Investment Market stock exchange. A further £1.3m was added to the pot through TEGs assumption of Banham Composts asset finance facility.
TEG chief executive Mick Fishwick added: We are absolutely delighted to conclude this acquisition of Banham Compost, which we believe offers significant potential for further development and expansion.
Silo Cage Technology was installed by TEG at the site in 2006 when it was built.