Bid launched for Biffa

Chinook Urban Mining, together with Clearbrook Capital and JP Morgan, have put together the offer in a move that would seek to reposition Biffa as a major player in the renewable energy sector, according to the Guardian.

Under the plans, the consortium would look to develop Biffa as an energy from waste provider to restore the firm to profitability.

Biffa is under increasing pressure to find a buyer, as it seeks to repay £1.1bn in loans.

It is understood the offer is being considered by PwC, which is advising the 76 banks and financial institutions that lent funds to Biffa’s current owners, Montagu Private Equity and Global Infrastructure Partners.