Avondale bags £17m to develop Scottish waste site
AVONDALE Environmental, the Knutsford-based company which operates a number of waste management sites in Scotland, is to develop a large waste recycling plant at Falkirk in Scotland after securing a £17m funding package from HSBC.
The plant, which will be based on a company-owned site near Junction 4 of the M9 motorway, will process around 200,000 tonnes of commercial and household rubbish with the aim of dramatically reducing the amount that goes to landfill.
Avondale director Derek Cooper said: “We’ve nurtured our plans over a number of years, including taking the scheme through planning, so we’re obviously delighted to have reached this significant milestone.”
Steve Sherratt, HSBC Senior Corporate Banking Manager, North West said; “We are delighted to support our longstanding customer with a package which will drive the next phase of its growth.
“The move highlights our support for the business’ investment in environmental innovation, and our confidence in the management team’s ability to deliver.”
In the year to March 31, 2010, Avondale Environmental made a pre-tax profit of £8.2m on sales of £33.3m.
Avondale was advised on the funding deal by the Manchester office of accountancy firm Grant Thornton. Corporate financier Andrew Stubbs said: “We’re delighted to see the project progress; it will keep the business at the forefront of a dynamic waste management industry in the UK.”
