27 January 2011 Last updated at 12:41 ET

Falkirk mobile phone recycling firm Redeem taken over

Falkirk-based mobile phone recycling firm Redeem has been taken over by an incoming management team.

The buy-in was led by Curt Hopkins and Pete Petrondas, who assume the roles of chief executive and chief operating officer respectively.

The deal, for an undisclosed sum, was backed by private equity investor Trevor Bayley, who is a founding partner of HgCapital.

Operating in Europe and Asia, Redeem's turnover is more than £20m a year.

Redeem, which will retain its headquarters in Falkirk, was originally established in 1999 as a printer cartridge recycling business.

Curt Hopkins, former managing director of Vodafone Business Services, said: "Redeem is well positioned as a leading recycler of consumer electronics and print cartridges and it is a privilege to acquire such a strong and fast-growing business in an expanding marketplace.

"Our aim is to create Europe's leading value recycler with the vision of making corporate social responsibility easy."