£3m funding package enables founder to buy back his Birkenhead business

An entrepreneur has bought back the business he founded in 2003 using a £3m funding package from Liverpool-based Bibby Financial Services.

Birkenhead-based NRC Waste Water Solutions was established by managing director, Gary McDermott, and provides industrial drainage services to blue chip clients across sectors including civil engineering, local authority, government agencies and construction.

The company, originally known as Clean Line UK, began with just two trucks, one van and seven staff. It company grew exponentially to a highly skilled workforce of more than 120 people, and was bought by US-based business NRC in 2018.

However, last year, McDermott was presented with the opportunity to buy back his original business.

Independent working capital provider, Bibby Financial Services (BFS), has provided a £3m asset-based lending package comprising asset finance and invoice finance.

The business was introduced to BFS’s corporate team by Benjamin Day at North West accountancy and deal advisory firm Cowgills, which has a long-standing relationship with NRC WWS.

BFS’s deal-team, led by Alex Macdonald and Ellen McEvoy, with support of Rebekah Middleton in Bibby Leasing, provided the ABL package, comprising a £2m asset finance line and a £1m invoice discounting facility.

Gary McDermott said: “Buying back the business I founded two decades ago was an offer I couldn’t turn down. I’m so proud of our team here at NRC WWS, and could not be more excited to continue expanding our services, sectors and workforce to serve our growing client base.”

He added: “The funding package provided by BFS was critical to make this happen. I’ve no doubt they will continue to support our growth ambitions in the years to come.”

The facility was turned around within six weeks to secure the acquisition.

Benjamin Day said: “NRC WWS is a long-standing UK business that has been extremely successful in its 20 years of operation.

“A chance to bring this business back to its founding location is something we were proud to be a part of, particularly in the difficult economic landscape we are seeing today.”

Alex Macdonald, corporate manager at BFS said: “NRC WWS represents the heart of what we do here at BFS – it is a proud independent business that has grown impressively through years of nurture and hard work.

“We’re delighted to support NRC WWS in bringing operations back to the North of England, and are excited to be involved in the next stage of its journey.”

BFS was advised throughout the transaction by Bermans, with the team led by asset-based lending specialists Dave Gledhill and Alissa Marsh.

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