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Bib's owner denies plans for its disposal
Page 13
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SEVERN TRENT, the environmental services group, has played down rumours that it plans to sell its waste management company,Biffa, which produces a third of the group's .E.1.2bn annual turnover.
If it did so it would be following the lead of Brambles,which recently put its waste arm, Cleanaway, up for sale (CMS December 2005).
The rumours come after the launch of a Serious Fraud Office investigation into allegations of overcharging by Severn Trent were made by a whistleblower.
An interim report from industry regulator Ofwat concerning allegations of false reporting has led to Severn Trent apologising to customers and agreeing to credit 42m over the next four years.
But the company describes an article in the Financial Times suggesting that its chief executive Colin Matthews will sell Bilfa as"a very speculative piece". A spokesman adds: "Since February 2005 [Matthews I has been concentrating on operational improvements, including water and waste for the next 18 months, and that takes us to June. Matthews will then spell out what he thinks of the businesses." christopher.tindallerhico.uk