British Steel owner Greybull buys majority stake in phone recycling company Redeem
Investment group Greybull Capital has bought the majority stake in mobile phone recycling company Redeem.
The business works with partners such as 3, Vodafone and Sky Mobile and the undisclosed amount of funding from British Steel owner Greybull will allow Redeem to renew a contract with O2 and implement its growth strategy.
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Annual smartphone re-commerce sales are estimated to be worth more than £14bn worldwide, according to Redeem, and the company handles more than 750,000 second-hand devices a year.
Greybull Capital partner Marc Meyohas said: “Redeem is an exciting business working in attractive and growing markets with an enviable customer list of Mobile Network Operators, retail, and used device suppliers.
"We are delighted to support the strong management team led by Paul Egan, and their excellent plan for growth.”
London-based Greybull backed the buyout out of budget airline Monarch in 2014 but was unsuccessful in turning the company around as it collapsed last year. However Monarch Aircraft Engineering was successfully saved.
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