MacDonald Welcomes Falkirk Commitment from Redeem's New Owners
Tuesday, 01 February 2011 06:06
The SNP's Economic Development spokesperson Councillor Angus MacDonald has welcomed a commitment from the new owners of Falkirk-based Redeem that they will remain based in the town. The assurance followed the news that recycling firm Redeem has been taken over in a management 'buy-in' for an undisclosed sum.
Curt Hopkins and Pete Petrondas take on the roles of chief executive officer and chief operating officer.
They have invested in the deal and been backed by Trevor Bayley, a founding partner of HgCapital, who becomes non-executive chairman at the Falkirk company.
It means founders Jamie Rae who had a 67% stake in the firm and David McCabe, with 33%, will step aside.
The firm which recently announced a turnover of £20 million and now employs 104 people, including around 80 at its base in Falkirk, and has contracts to offer recycling of items such as mobile phones and printer cartridges on behalf of big corporate names including Standard Life, 02, Tesco, Sainsbury’s and chemist Boots. Redeem, which operates across Europe and Asia, expanded its operations into Hong Kong in 2009 – a move which allowed rapid expansion into China, India, Africa and South America.
Councillor MacDonald, SNP Economic Development spokesperson said:
"Redeem has been a local success story since day 1 of its formation in 1999, and the numerous industry awards it has received is testament to the hard work and commitment shown by Jamie Rae and David McCabe, resulting in the firm's rapid expansion in recent years. I am encouraged by the assurance from the new owners that they intend to keep the firm based in Falkirk, which will be of comfort to the employees at the Falkirk depot in Middlefield."