Scottish waste-management firm secures funding package
Caledonian Recycling receive £2 million funding from Secure Trust Bank to expand business
CALEDONIAN Recycling have secured a £2 million funding package from Secure Trust Bank as they aim to expand their business operations and market share in the regional recycled aggregates market.
The Livingston-based firm specializes in providing inert material recycling; breaking down materials, such as stone, rubble and demolition waste, and producing new recycled materials for use in construction projects and temporary road surfaces.
Founded 16 months ago, Caledonian Recycling currently employ 12 staff and are aiming to achieve sales of £3.6 million in the next 12 months. The funding package from Secure Trust Bank is made up of a £1 million invoice finance facility and a £1m asset finance loan, which will allow the business to purchase additional plant and equipment.
The company aims to increase its market share in the crushing contracting sector, as recycled material is considered to be more in demand and cost-effective than quarried material. It is also looking to expand its specialist plant hire business to large-scale excavators, supplying both machinery and operators to customers.
Steve Matthews, director of Caledonian Recycling, said: ‘Having a funder behind us that shares our confidence to meet sales targets is vital. The addition of an asset-finance loan will give us the boost needed to continue growing as we can now purchase machinery that usually would have taken us years to buy. Secure Trust Bank has offered a package which not only provides working capital to support the day-to-day running of the business, but also helps to accelerate our expansion.’
Matthew White, regional sales director for Secure Trust Bank, added: ‘Recycling waste material into substances which are used everyday in the construction trade is a win-win scenario for Caledonian Recycling, as they make profit on both breaking down and selling their products.
‘The firm’s green focus, coupled with its competitive pricing, also makes it a very attractive proposition. Our tailored package means that we have a greater degree of flexibility and can provide the business with a broader range of financial products combining both asset and commercial finance.’
