Construction firm Ashcourt Group has acquired a minority stake in £7 million turnover waste business Wastewise after a director left the company.

Aschcourt, based in Hull, has taken the stake of director Dan Ingram, who is leaving the company after 15 years of service.

Ingram is moving on to concentrate on property development interests and farming.

Wastewise has started operating from Ashcroft’s site in the centre of Hull, and the construction firm will provide financial backing for waste-processing infrastructure including materials recycling, biomass and alternative fuel production facilities.

Last year, Wastewise invested in a new composting facility, with Ashcourt now helping with civil works for the £1 million improvement plan.

Each year, Wastewise collects, recycles and composts around 100,000 tonnes of waste for private and public sector clients. It grew from a £3 million turnover business three years ago to a forecast of £7 million for this year.

Ashcourt is involved in property development, plant hire, civil engineering, construction, haulage, concrete, quarrying and recycled aggregates.

Wastewise’s managing director, James Landau, commented: “This new partnership with the Ashcourt Group will have an unprecedented effect on the future of Wastewise and the business we are in.

“There are many areas of common interest between the two companies and like us, Ashcourt is adding to its portfolio offering and growing its business. Ashcourt’s future involvement in Wastewise will bring a number of exciting opportunities that the new Board will look to capitalise on.”

Finance director at Ashcourt, Leigh Churchill, said: “We have been greatly impressed with Wastewise and the developments it has made in a relatively short time. This new shareholder deal will strengthen both parties allowing us to offer an even better, all-encompassing service to our customers. We are looking forward to getting more involved with Wastewise and to the new horizons this brings.”