19 jobs are saved after buyout of troubled waste firm
Published 03/10/2012 | 08:00
A recycling firm has been bought out of administration by a rival firm, saving 19 jobs.
The staff of Greenstar, which was based at Camlough Road in Newry, will transfer to Wastebeater's headquarters at Blackstaff Road in Belfast and will boost the company's employment levels from 50 people to 69.
Working with the administrators Deloitte, Wastebeater - which serves clients including Sainsbury's, Translink and Belfast City Council - has acquired the trade and assets of Greenstar NI.
In 2011 the firm was awarded the Sustainable Ireland Recycling Industry Award and it provides services including waste management, recycling recovery, collection, skip hire and waste audits.
Greenstar NI had a turnover in the year to March 2011 of £2.78m before going into administration on September 18, 2012.
Wastebeater managing director, Kieran Byrne, said that the purchase will extend Wastebeater's geographical reach and expand its customer base.
"This acquisition is an exciting development for our company and good news for Greenstar NI employees and customers, who had been facing an uncertain future," he said.
"We are looking forward to introducing our new customers to our award-winning waste management and recycling solutions.
"Over the last decade we have led the way in Northern Ireland by investing in new technologies and exploring more innovative ways to recycle commercial and industrial waste.
"Wastebeater will continue to invest in market-changing technologies to provide the most cost- effective and sustainable waste management and recycling services for all our customers."
Peter Allen, administrator for Deloitte Belfast, said the sale was proof that there are still opportunities for growth despite the downturn.
"We are pleased to reach the conclusion of a successful sales process resulting in the acquisition of Greenstar NI's business and assets by Wastebeater," he said.
Turnover recorded by Greenstar NI in the year to March 2011