Majestic Corporation, a sustainable circular economy solutions provider specialising in recycling precious and non-ferrous metals, has announced its plans to accelerate its UK expansion through the acquisition of Telecycle Europe Limited, a specialist e-waste recycling business based in Deeside, UK.
The acquisition, valued at up to £2 million, is set to be completed by 31 December 2024, subject to the delivery of a specified quantity of recyclable materials.
The acquisition aligns with Majestic’s strategic goal to expand its presence in the UK, a market the company believes presents significant growth opportunities in reducing supply chain waste of critical minerals.
In 2021, the UK generated approximately 1.6 million tonnes of e-waste, underscoring the urgent need for effective recycling solutions. By acquiring Telecycle, Majestic aims to address this challenge whilst strengthening its market position.
The acquisition means Majestic will gain a fully licensed and ISO-certified facility at Telecycle’s Deeside plant, providing a wholly-owned UK subsidiary for e-waste collection, sorting, processing, and shipping operations. This move is expected to lead to immediate revenue recognition for the year ending 31 December 2024 as Telecycle is integrated into the enlarged group.
Majestic believes the acquisition will provide operating efficiencies, leading to improved margins for both businesses. It also presents an opportunity to reduce the UK’s supply chain waste of critical and precious metals, including lithium, gold, cobalt, copper, and nickel.
The enhancement of relationships with UK suppliers is anticipated to help grow Majestic’s UK recycling volumes. This strategic move positions Majestic to capitalise on the significant growth opportunities in the UK recycling market whilst contributing to the country’s sustainable waste management efforts.
“We are delighted to have conditionally agreed to acquire Telecycle and expand our UK operations,” said Peter Lai, Executive Chairman of Majestic Corporation.
“The UK market’s commitment to sustainability and recycling makes this Acquisition a crucial driver for future growth. We look forward to integrating Telecycle into Majestic and updating shareholders on our progress.”