Cory acquisition enables in-house maintenance of barge fleet

The acquisition will enable Cory to take in-house the maintenance of its fleet of barges and tugs, as well as continuing the provision of third party services, which realised revenues of £1.2m in 2017.

Included in the acquisition are two slipways off the river Thames, which will allow Cory to accommodate the expansion of its existing 55-vessel fleet in serving its planned Riverside Energy Park. They will also facilitate modal transfer of road-hauled retail goods to river lighterage.

The energy park, recently notified to the Planning Inspectorate, will complement Cory’s existing Riverside facility and comprise a range of low-carbon energy generation technologies, including energy from waste, anaerobic digestion, solar panels and a battery storage scheme.

Julian Walker, chief operating officer of Cory Riverside Energy, said: “Although Thames Ship Repair Service is a relatively modest acquisition, it is relevant for the business as it further strengthens our capabilities for transporting residual waste and goods by barge along the Thames.

“Our existing riverside infrastructure and 120-year operational experience on the Thames gives us a unique capability. Acquiring Thames Ship Repair Service will now provide us with the necessary support facilities to expand our own river-based operations as well as service third parties’ vessels.”