Renewi has successfully reached an agreement with Shanks Dumfries and Galloway Limited, Dumfries and Galloway (D&G) Council and other parties to exit the contract, following the announcement in March.
The exit from this loss-making contract, on time and for the expected cost, will deliver shareholder value and is aligned with Renewi’s strategy to actively manage its business portfolio, it says.
Following the termination of the operating contract on 10 September 2018, Renewi will today enter into a new transitional contract for the next two months.
“We have concluded this exit on schedule while ensuring that services are maintained. We now look forward to working closely with D&G Council over the next two months to ensure a seamless transition.”
Under this transitional contract, Renewi will continue to provide all services as normal, working closely with D&G Council to prepare for a seamless transition.
After this transitional contract expires on 10 November 2018, Renewi will transfer the relevant services, facilities and employees back to D&G Council.
James Priestley, Managing Director of Renewi’s Municipal Division said: “We are pleased to have exited this loss-making contract under appropriate terms with all parties.
“We have concluded this exit on schedule while ensuring that services are maintained. We now look forward to working closely with D&G Council over the next two months to ensure a seamless transition.”