MEMBERS of environmental compliance firm Valpak have voted in favour of a proposed management buyout.
Ninety one per cent of its 4,000 members voted for the deal by directors, which will see the mutual transition to a limited liability company, at an extraordinary general meeting yesterday.
Members will receive up to £610 each – totalling £2.5m. A third of voters nominated that the money be donated to charity.
The management team, including chairman and former environment secretary John Gummer, now Lord Deben, will acquire 70 per cent of the business and German compliance scheme owner Greenpoint the remaining 30 per cent.
Gerry Orbell, senior independent director, Valpak, said: “I am confident that the joint management and Greenpoint bid offered the best option for members, employees and the future of the company.”
Peter Hunt, managing director of Leeds-based Wastecare, was one of seven rival bidders for the company, which is based in Stratford-Upon-Avon, last year.