Straight buys Helesi UK business

Recycling group Straight yesterday completed the acquisition of the bulk of waste company Helesi's UK business for £1.65m.
By The Newsroom
Published 2nd Apr 2010, 00:19 BST
Updated 2nd Apr 2010, 00:19 BST

The deal gives Leeds-based Straight, headed by Jonathan Straight, its first branded wheelie bin.

Both companies expect to work together on the development of new products. The opportunity arose to buy the majority of Helesi's UK business after the Greek company decided to stop manufacturing in the UK and move to Northern Greece and Italy.

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Straight bought Helesi's order book and certain assets, but not Helesi's warehouse in Bradford. Straight has supplied Helesi wheelie bins for some time.

Both brand names will continue and Straight is expected to use the tagline "Helesi wheelbins by Straight". It will pay a continuing royalty to use the Helesi name.

Straight assumes Helesi's position supplying the UK and Irish markets as well as taking over existing customer contracts.

The 1.65m deal consisted of an initial 900,000 and the balance will be paid in 10 monthly instalments.

Related topics:LeedsItalyBradford