Cory Riverside Energy acquires Thames Ship Repair Service
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.”