Pennon Group

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Pennon Group plc
Company typePublic
IndustryWater and waste
Founded1989
HeadquartersExeter, England, UK
Key people
Gill Rider (Chair)
Susan Davy (Chief Executive)
RevenueIncrease £825.0 million (2023)[1]
Decrease £153.1 million (2023)[1]
Decrease £0.4 million (2023)[1]
Number of employees
2,864 (2023)[1]
SubsidiariesSouth West Water
Bristol Water
Pennon Water Services
Websitepennon-group.co.uk

Pennon Group plc is a British water utility company based in Exeter, England.[2] The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. 83% of the company's profits come from its subsidiary, South West Water.

History[edit]

The company was founded in 1989 as South West Water plc at the time of the privatisation of the Water Industry in England.[3] In 1993 it acquired Haul Waste and in 1995 it bought Blue Circle Waste Management.[3] It changed its name to Pennon Group plc in 1998.[3] By 2016, the company employed approximately 4,500 people, and provided water and sewerage to 1.7 million customers in South West England.[4]

The company successfully saw off a takeover bid from Terra Firma in 2004.[5] It acquired Thames Waste Management in 2004,[6] Wyvern Waste in 2006,[7] Grosvenor Waste Management[8] and Skipaway Holdings in 2007[9] and Shore Recycling in 2008.[10] In 2016, the group acquired Bournemouth Water in a deal worth £100 million,[4] integrating the company with South West Water, but keeping the Bournemouth Water name.[11]

On 8 July 2020, global investment firm KKR completed its £4.2 billion acquisition of waste firm Viridor from Pennon Group.[12]

In June 2021, the company acquired Bristol Water for $563 million.[13]

Operations[edit]

The company's main asset is South West Water, which supplies water and sewerage services in Devon, Cornwall, and parts of Dorset and Somerset.[14] South West Water covers 83% of the group's profits.[15]

References[edit]

  1. ^ a b c d "Annual Report 2023" (PDF). Pennon Group. Retrieved 13 February 2024.
  2. ^ "Contact us". Pennon Group. Retrieved 26 February 2021.
  3. ^ a b c "Group History | Pennon Group PLC". www.pennon-group.co.uk. Retrieved 16 August 2016.
  4. ^ a b Vergnault, O. (21 January 2016). "Pennon group acquires Bournemouth Water in £100m deal". Western Morning News. Retrieved 16 August 2016.
  5. ^ "Terra Firma gives up in battle for British waste". The Independent. Retrieved 1 April 2015.[dead link]
  6. ^ "Viridor buys Thames Waste and expands landfill capacity". letsrecycle.org. Retrieved 1 April 2015.
  7. ^ Pennon's Viridor Waste Management buys Wyvern Waste Services for 25 mln stg Finanznachrichten, 15 May 2006
  8. ^ Viridor buys Grosvenor Waste Management for £81m Let's recycle, 5 December 2007
  9. ^ "Pennon Group's Viridor acquires UK waste management company for 14.7 mln stg Pennon PNN". advfn.com. Archived from the original on 23 February 2014. Retrieved 1 April 2015.
  10. ^ "BBC NEWS - UK - England - Devon - Pennon buys recycle firm for £23m". bbc.co.uk. Retrieved 1 April 2015.
  11. ^ Meldrum, Neil (12 January 2016). "Jobs at risk at Bournemouth Water after £100 takeover". Bournemouth Echo. Retrieved 16 August 2016.
  12. ^ "KKR to buy recycling group Viridor in £4.2bn deal". FT.com. 18 March 2020. Archived from the original on 11 December 2022.
  13. ^ "Pennon Group to offer undertakings to British regulator in Bristol Water deal". 22 December 2021 – via www.reuters.com.
  14. ^ "Pennon Group: South West Water". Archived from the original on 29 September 2008. Retrieved 11 October 2008.
  15. ^ Gollan, Paul J. (2005). Voice and non-union workplace. Bradford, England: Emerald Group Pub. p. 244. ISBN 9781845441265. Retrieved 16 August 2016.

External links[edit]

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