Telford waste management firm targets new growth with £7.5m bank facility
A SHROPSHIRE waste and recycling management business that has grown its annual turnover by more than 20% is targeting further growth after arranging a new £7.5m banking facility.
Telford-based Reconomy, which provides outsourced waste disposal and recycling services to a nationwide client base in the housing, construction, infrastructure and wider manufacturing sectors, saw turnover top £46m last year.
Established in 1994, the company, which has 140 employees, has switched to Lloyds Banking Group to support its continued growth.
The company, which has secured a number of recent blue chip contracts, including substantial deals with Balfour Beatty and Enterprise, is now looking to double its annual turnover by 2016.
Chris Price, finance director at Reconomy, said: “Despite a challenging climate, Reconomy has maintained a growing client base as companies see the greater value of a consolidated approach to their waste management operations. This growth has been driven by a committed team that has worked tremendously hard, remaining focused on our core principles of providing cost savings, outsourced support and excellent service for our customers.
“Moving our banking facilities to Lloyds Banking Group will provide greater customer confidence and, if required, the working capital to underpin aspirations to generate further new business opportunities and reinforce our position as the leading national provider of professional waste management solutions.”
James Scarborough, director of business development at Lloyds TSB Commercial Finance, said: “Reconomy supplies an integrated, reliable service for both local businesses and large national organisations, helping to enhance the environmental and financial performance of its clients.
“Demand for outsourced waste management services, whether it is skip hire or hazardous waste disposal, remains strong. Reconomy’s asset based funding package is the ideal solution to enable it to capitalise on this demand without disrupting the daily running of the business.”
