Glass recycling firm agrees £24.5m financing deal
GLASS recycling company, URM, which trades as Berryman in the UK, has agreed a £24.5 million financing deal with the Royal Bank of Scotland.
The firm operates three treatment and recycling plants in Yorkshire and it is set to increase capacity across these sites.
It is also set to expand into the South East with a new site.
Berryman, headquartered in South Kirkby, West Yorkshire, has been in business for over 90 years.
Its parent company, URM is based in Sydney, Australia. It provides waste management services to local authorities in New South Wales and has been involved in the UK since 2006.
URM works with local authorities and waste management companies taking glass from collection depots throughout the UK.
Mark Wilson, chief executive officer, said: “The additional processing site is a very exciting development for the company. Its strategic location will transform our ability to serve the UK glass market, while also creating new jobs in the local area”.
“A key factor in our decision to choose the Royal Bank of Scotland as our funding partner was the impressive way in which the entire team came together to work on our request collaboratively and with the speed in which they turned this around.
“We see this as a real positive sign of the Royal Bank of Scotland’s ability to work with us both now and in the future in support of our strategic requirements where a quick reaction is key to taking advantage of market opportunities”.
The £24.5m debt facilities that The Royal Bank of Scotland delivered was supported by Andy Croasdell, relationship director at the Royal Bank of Scotland and Jamie Rigby, director at the bank’s Structured Finance team.
Mr Croasdell said: “We are delighted to support URM on its development in the South East. The plant will both be a boost to the local economy and provide URM with a platform to go from strength to strength.
“The team involved in the deal were able to deliver facilities using four different products within eight working days which is a testament to our ability to work together to deliver positive outcomes for customers. We are looking forward to a new long-term partnership with the business and supporting them in delivering their ambitious plans for the future”.
