Group financials
Building a £100m EBITDA group.
The combined group starts from more than £120m of revenue and £23m of EBITDA. Integration synergies, bolt-on acquisitions already identified by our businesses and an active M&A pipeline chart a clear route to £100m of EBITDA — before organic growth.
- Combined revenue
- £120m+
- Combined EBITDA
- £23m
- EBITDA margin
- 19.2%
- Route to
- £100m+
Pro forma, across all eight businesses
Recurring, cash-generative operations
EBITDA as a share of revenue
Group EBITDA through buy & build and organic growth
The EBITDA bridge
From £23m today to £102m potential.
Each step is a lever the group already holds: savings and cross-selling from combining eight businesses, smaller acquisitions sourced by those businesses in their own regions, and larger deals in the group pipeline.
- Today
- Synergies
- Bolt-ons
- M&A pipeline
- Potential
Organic growth is additional to the bridge.
View the bridge as a table
| Step | EBITDA (£m) | Running total (£m) |
|---|---|---|
| Combined EBITDA today | 23.0 | 23.0 |
| Group synergies | +10.0 | 33.0 |
| Bolt-ons from current companies | +9.0 | 42.0 |
| M&A pipeline | +60.0 | 102.0 |
| Potential group EBITDA | 102.0 | 102.0 |
Where the synergies come from
£9.6m of identified integration upside.
Management has identified the integration opportunity lever by lever. Half of it comes from processing more of the group’s own waste in its own plants — the core of a processing-led strategy.
- EBITDA margin ambition
- c.28%
- Forecast organic growth
- ~5% p.a.
- Targets in active dialogue
- 30+
Revenue, cost and investment initiatives lift margins from the high teens.
Underlying market growth plus recurring customer volumes.
From more than 750 identified targets in a universe of 5,000+ UK waste businesses.
Source: management information. Shown at the midpoint of identified ranges.
How we get there
Buy & build, plus organic growth.
-
+£10m
Synergies from combining the group
Processing more of our own waste flows through group sites instead of paying third-party gate fees; rolling Scott Bros’ soil washing across the group; shared fleet maintenance, procurement and central functions; and one sales engine cross-selling every service to every customer.
-
+£9m
Bolt-ons from our current companies
Smaller, local acquisitions identified by our own businesses around their existing hubs — adding route density, permits and customers where we already operate, and integrating quickly into proven management teams.
-
+£60m
M&A pipeline
More than 30 founder-led operators in active dialogue, drawn from over 750 identified targets — screened for regional density, processing capability and specialist services, extending the cluster model into new regions and deepening the ones we have.
-
Upside
Organic growth
Around 5% a year: recurring waste flows from long-standing customers in a growing market, with landfill tax, Simpler Recycling and producer responsibility pushing volumes towards permitted, processing-led operators like ours.
Together these levers take the group from £23m to around £102m of EBITDA. That is a credible route to a £100m EBITDA group through disciplined buy & build and organic growth — with margins rising towards c.28% as more waste is processed, recovered and sold inside the group.
Figures are pro forma, indicative and unaudited, combining the group businesses including those whose combination is subject to completion. Synergy, acquisition and pipeline figures are management estimates of potential and are not forecasts. This page does not constitute an offer or invitation to invest.