Tidy funding deal for waste recycling firm

WASTE recycling company Fortress Recycling & Resource Management has purchased two new vehicles after receiving a £150,000 funding package from Lloyds Bank.

Based in Warwick, Fortress is a family-owned business and specialises in providing containers for businesses for the disposal of waste and recycling materials.

The company is led by a chartered environmentalist and offers a range of additional services to its clients, including waste audits, bin cleaning and the recycling of hazardous waste.

Lloyds Bank Commercial Finance provided £150,000 of asset finance to fund the purchase of a new Volvo FE vehicle and Mercedes Sprinter van, allowing it to accept new contracts.

Following the bank’s support, Fortress has bought 300 new waste disposal contracts from a skip company it has worked closely with for many years, as well as opening a new depot in Aldridge, helping it to further grow its presence across the West Midlands.

The business now plans to continue its expansion with the acquisition of further contracts in the next 12 months.

David Pass, the firm’s managing director, said: “We have enjoyed strong growth over recent years and we were looking for ways to grow our business further.

“In order to accelerate our expansion we needed to purchase additional vehicles and this has significantly improved the way that we are able to operate day to day. 

Lauro Rodi, regional manager at Lloyds Bank Commercial Finance, said: “The financial package we’ve provided to Fortress Recycling & Resource Management has allowed it to spread the cost of its investment over a fixed term, enabling a more manageable and beneficial acquisition process.”