One51 is in a strong place with €22.5m new capital approved, debt reduced and banking facilities in place until 2018.

At Wednesday’s EGM, shareholders approved the move to raise equity from existing shareholders and new investors. It is believed a number of the larger co-ops will invest. Irish co-ops own almost 50% of the €125m-valued group, with Kerry, Fane Valley, Lakelands, Dairygold and Glanbia among the shareholders.

The group recently completed refinancing with a €75m bank facility for a four-year term. One51 is now well funded and HSBC has joined the banking syndicate and committed €25m to the existing banking facility, which is now over €90m. Net debt at end of June was €34.3m, down €50m compared to the same date last year.

The additional capital, coupled with the increased bank facilities, gives One51 the flexibility to fund future growth.

Having transformed itself into an environmental and plastics company, One51 has reported a pre-tax profit before exceptional items of €3.6m for the first half of the year – an increase of 71%.

Turnover was down 3% to €144.4m due to a reduction in turnover in metals recycling and the disposal of Irish Pride Bakeries to WHM Bakeries at the end of April. EBITDA was down 1% to €10.9m. It also sold its stake in Augean for €9m and recently disposed of The Thomas Street HQ for €5.1m with a leaseback in place.

Speaking on the decision of NTR (in which One51 has 23.6% shareholding) to press ahead with its EU wind investment strategy, One51 CEO Alan Walsh said: “We are very happy that the shareholders have come to a common agreement and are equally happy with the board’s response to our proposal.”