Biffa to return to stock market next month in bid to raise £270m
Waste management firm Biffa has confirmed plans to return to the stock market in the City's biggest flotation since the Brexit vote.
The High Wycombe-based group said it will list next month in a move to raise around £270 million, with reports suggesting the group could be valued at around £1 billion.
Biffa - founded more than 100 years ago - is the second largest waste management group in the UK, serving 2.4 million households and employing more than 7,000 staff.
It believes the UK waste market will continue to grow rapidly, by around 5% a year, forecasting it will be worth £18.5 billion by 2020, driven by the country's rising population and household growth.
Biffa wants to tap into the market further and snap up smaller players, having already made 20 acquisitions worth £53.4 million since December 2013.
Ian Wakelin, chief executive of Biffa, said: "These are exciting times for Biffa.
"Th e group has a 100-year history at the forefront of the industry providing collection, processing and disposal of waste and recyclables."
Chairman Steve Marshall said: " Biffa, led by a highly experienced executive team driving a proven growth strategy, has been successfully positioned to leverage the multiple opportunities that lie ahead in the UK market."
Biffa reported underlying earnings of £122 million on revenues of £927.5 million in its 2016 financial year.
Founded in 1912, it was once part of water company Severn Trent before being spun out and listed as a separate business in 2006.
It was bought and taken private in 2008 by a consortium led by Global Infrastructure Partners, Montagu Private Equity and Uberior Co-Investment just before the financial crisis.