West Highland businessman Angus MacDonald has sold the Specialist Waste Recycling firm to Biffa, it has been announced.

A statement to the London Stock Exchange said the firm has been acquired for a consideration net of cash acquired of around £25.8 million, funded from Biffa's existing cash and debt facilities.

However, The Herald understands the total payday for SWR shareholders including cash and other elements is £30.8m, and Mr MacDonald, the entrepreneur and philanthropist, is to receive upwards of £8m.

For the year ended 31 December 2018, SWR, which has a base in Edinburgh, generated revenues of £40.1m, had an underlying operating profit of £3.4m and had gross assets of £15.7m.

The business has a workforce of around 90 people.

Mr MacDonald was a major shareholder among a number of other investors, and started the firm in 2007.

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Michael Topham, chief executive Biffa, said: "The acquisition of SWR represents a compelling opportunity for Biffa and provides further evidence of our ability to identify and execute cash flow enhancing and earnings accretive acquisitions.

"Bringing together SWR with Biffa's leading Industrial & Commercial business will strengthen our offering while enabling us to profitably leverage our national network.

"We welcome the staff and customers of SWR to Biffa."