Redeem has beaten rival Brightstar 20:20 in the race to win a major handset recycling contract with O2, Mobile has learnt.
The Scottish recycling firm has held the lucrative contract with O2 since 2009 and has been battling against Brightstar 20:20 for the past six months to win the new three year deal to run the O2 Recycle scheme.
The Scottish company has provided O2 with the white label service since 2009, paying out more than £62 million to customers, including £24 million last year.
Redeem is one of the UK’s largest recycling firms, employing more than 250 staff. It has operations in Europe, the Middle East, Asia and the Americas, with offices in the UK, Estonia, Sweden, United Arab Emirates and Hong Kong.
Its clients span mobile operators, wholesalers, retailers, charities and consumers and include Sainsbury’s, Breast Cancer Care, Tesco Ireland, as well as O2.
The Falkirk-based firm, which is is majority owned by venture capitalist Trevor Bayley, bought rival recycler Envirofone in February this year for an undisclosed fee, boosting its recycled numbers from 150,000 handsets per month over 187,000.
It also recently secured £15m of new funding from UK investment company Connection Capital and US investment firm Praesidian Capital and is considering a stock market flotation.
Redeem and Brightstar 20:20 were unavailable for comment.
An O2 spokesman said: 'The contract for our recycle scheme is currently being reviewed but we have nothing to announce at this time.'