Torbay Council to Acquire TOR2 from the Kier Group
TOR2 have received a lot of negative press over the last few months.
Late recycle collections, rubbish left streamed over the road side and in some cases just not turning up at all.
In light of this, Torbay Council have agreed to enter into discussions with the Kier Group to acquire TOR2.
TOR2 Founded in 2010
TOR2 was founded as a joint venture company in 2010 and is owned by two distinct shareholders.
The shareholders include Torbay Council holding 19.99% of the shares and Kier Integrated Services Ltd holding 80.01% of the shares.
The original contract set out in 2010 is due to end in July 2020.
However, and we can only speculate as to why, but both parties have agreed that Torbay Council will acquire Kier’s shares.
This acquisition will leave Torbay Council the sole owners of TOR2.
Due diligence is expected to take place prior to the acquisition.
Full control by end of 2018
This approach will enable the Council to take complete control of TOR2 before the end of existing contract.
It is likely that full control will be in place before the end of 2018.
This acquisition will enable the Council to set the future direction of the business.
The acquisition comes at a time when balancing service delivery and cost in a challenging economic climate is of paramount importance.
Committed to the best outcomes
Both Torbay Council and the Kier Group are committed to providing the best possible outcomes for the people of Torbay.
Over the next few months both organisations will continue to work together as they have done since 2010.
Torbay Councillor Derek Mills, Executive Lead for Planing and has responsibility for TOR2 said:
The Council continues to face many challenges so it is vitally important that we make the best use of all our resources. Taking full ownership of TOR2 will give us much more flexibility over setting the future direction of the company and delivering the best services we can for our residents.