60 jobs in Hull saved as waste management company Colt Industrial bought for £1m

Up to 60 jobs in Hull look to have been saved at a specialist waste company as it has been bought for £1m.

The future of Colt Industrial Services, based in Witty Street, off Hessle Road, was cast into doubt after owners Augean announced plans to close the Hull division.

However, in a late twist, Colt has now been bought by Liverpool-based Future Industrial, in a deal which hopes to save the jobs in Hull.

The announcement was made on Friday morning, and means all 60 staff members working for the company in Hull will be transferred as part of the deal.

David Lusher, CEO for Future Industrial Services said: ”We are delighted to conclude this transaction, which represents another major milestone in the growth of the business following on from the acquisition of the Bale Group assets in 2016, and the successful MBO from previous parent One51 plc, completed in 2017 with the support of NorthEdge LLP.

“Over 350 colleagues now work within Future Industrial Services, and the Colt business increases the range of services we can offer to our customers.

“This major centre in Hull will provide real operational synergies and efficiencies to the wider business.”

Colt has been based in Hull for 25 years. The company currently works in industries including rail, offshore, military and utilities, providing a range of services such as high pressure and tank cleaning, waste management and spillage response.

Colt Holdings was bought by Augean in May 2016, in a deal that could have been worth almost £14m.

Augean previously said in a statement that Colt had “not provided the positive improvement required” since it bought the company around two years ago.