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.
 | |
| Company type | Public |
|---|---|
| Industry | Water and waste |
| Founded | 1989 |
| Headquarters | Exeter, England, UK |
Key people | Gill Rider (Chair) Susan Davy (Chief Executive) |
| Revenue | £907.8 million (2024)[1] |
| £166.3 million (2024)[1] | |
| £(8.5) million (2024)[1] | |
Number of employees | 3,333 (2024)[1] |
| Subsidiaries | Bournemouth Water South West Water Bristol Water Pennon Water Services SES Water |
| Website | pennon-group |
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
External links
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