Thursday, 1st February, 2018

Cory Riverside Energy acquires Thames Ship Repair Service

1 February 2018

Cory Riverside Energy (“Cory”), a leading energy recovery, recycling and resource management company, announces that it has acquired Thames Ship Repair Service, an established shipping maintenance company based in Gravesend, Kent.

With this acquisition Cory will take in-house the ability to maintain its fleet of barges and tugs, as well as continuing the provision of third party services, which realised revenues of £1.2m in 2017.

The acquisition, which includes two slipways off the River Thames, will enable Cory to accommodate the expansion of its existing 55 vessel fleet in serving the planned Riverside Energy Park, as well as facilitating modal transfer of road-hauled retail goods to river lighterage, helping relieve London’s road congestion.

The energy park, which was recently notified to the national Planning Inspectorate, will complement Cory’s existing Riverside facility and comprise a range of low carbon energy generation technologies, including waste energy recovery, anaerobic digestion, solar panels and a battery storage scheme.

Julian Walker, Chief Operating Officer of Cory Riverside Energy, said: “Although Thames Ship Repair Service is a relatively modest acquisition for Cory Riverside Energy, it is relevant for the business as it further strengthens our capabilities for transporting residual waste and goods by barge along the Thames. Our existing riverside infrastructure and 120-year operational experience on the Thames gives us a unique capability. Acquiring Thames Ship Repair Service will now provide us with the necessary support facilities to expand our own river based operations as well as service third parties’ vessels.”

 

For further information, please contact:

 

Headland

Andy Rivett-Carnac                         +44 (0)20 3805 4822

Henry Wallers                                    coryenergy@headlandconsultancy.com

 

Notes to editors

 

About Cory Riverside Energy:

  • Cory Riverside Energy is one of the UK’s leading resource management, recycling, and energy recovery companies. The company developed, owns and operates the largest operating Energy Recovery Facility in the United Kingdom, processing London’s waste into electricity, metals and construction aggregates.
  • Cory was originally founded in London by William Cory and his sons, and has been navigating its fleet on the River Thames since 1896.
  • The company is majority-owned by investment funds managed by Strategic Value Partners. Other investors include EQT Credit Opportunities Fund and Commerzbank.
  • Cory’s Riverside Energy Recovery facility, at Belvedere, is fed by a unique river-based infrastructure along the River Thames, which uses tug boats and barges for delivering three quarters of a million tonnes of residual waste to the plant each year.
  • Cory currently works directly with seven London Boroughs including Hammersmith and Fulham, Kensington and Chelsea, Lambeth, Wandsworth, City of London, Tower Hamlets and Bexley. The company also holds a number of significant commercial and industrial (C&I) contracts.

Although Thames Ship Repair Service is a relatively modest acquisition for Cory Riverside Energy, it is relevant for the business as it further strengthens our capabilities for transporting residual waste and goods by barge along the Thames.