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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]
Subsidiaries
Bournemouth Water
South West Water
Bristol Water
Pennon Water Services
SES Water
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

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]

In January 2024, Pennon acquired SES Water for £380 million.[14] The acquisition was cleared by the Competition and Markets Authority in June 2024.[14]

In June 2024, the company announced the appointment of David Sprowle as its new chair, replacing Gill Rider the following month.[15]

Operations

The company's main asset is South West Water, which supplies water and sewerage services in Devon, Cornwall, and parts of Dorset and Somerset.[16] South West Water covers 83% of the group's profits.[17]

References

  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. ^ a b "Sutton and East Surrey Water sale approved by watchdog". BBC News. 15 June 2024. Retrieved 19 June 2024.
  15. ^ Hunter, Michael (10 June 2024). "Pennon chair to go weeks after Devon water contamination scandal". Evening Standard. Retrieved 19 June 2024.
  16. ^ "Pennon Group: South West Water". Archived from the original on 29 September 2008. Retrieved 11 October 2008.
  17. ^ Gollan, Paul J. (2005). Voice and non-union workplace. Bradford, England: Emerald Group Pub. p. 244. ISBN 9781845441265. Retrieved 16 August 2016.
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