DCC has announced a re-organisation of its environmental businesses in the UK into one holding company.
DCC and Michael Tracey, who is managing director of the William Tracey Group, have formed the new holding company called DCC Environmental Britain. This will own all of DCC's UK environmental businesses, including the William Tracey Group and Wastecycle.
Previously, DCC and Mr Tracey each owned 50% of William Tracey and 90% and 10% respectively of Wastecycle. Both companies are involved in recycling and resource management.
Under the deal, Mr Tracey will have a 30% stake in DCC Environmental Britain and will be paid just under £8.5m sterling. He will also become managing director of the new business.
DCC says arrangements have been put in place to allow for the eventual sale of Mr Tracey's 30% stake at market value. 'Other than in exceptional circumstances, Michael Tracey will retain at least 22.5% of this company for a minimum of five years, DCC said.
