Environmental and Industrial Services specialist cleans up following MBO
Kirkby-headquartered Future Industrial Services has secured a number of blue chip clients following its management buyout in April last year, with the help of an £8m refinancing deal.
The environmental and industrial services specialist has also been able to open two new depots in Yorkshire and Middlesbrough, acquiring five new vehicles, increasing its fleet to over 85 and allowing for further expansion
The Natwest funding deal has enabled the firm to add to its working capital and expand its capabilities to meet the demands of both new clients and the wider market.
NorthEdge Capital backed the management buyout from its Irish listed parent company. Future Industrial Services, whose current annual turnover is around £30m, operates a number of specialist recovery and disposal sites. It has the capability to deal with a wide range of difficult materials and operates the UK’s only mercury recovery plant, with several more dedicated facilities for the treatment and recovery of bulk and packaged wastes.
Scott Dunning, chief financial officer, Future Industrial Services, said: “Since completion of the MBO and with the support of NorthEdge, the business has experienced sustainable growth and we look forward to further opportunities.”
“Thanks to the funding from NatWest, we have now increased our working capital and capabilities to meet market demands and expand our client base.”
Chris Thomas, relationship manager at NatWest, said: “Future Industrial Services has had an extremely successful year. We are pleased to see the positive impact that our funding has had on the business and look forward to seeing its impressive growth continue throughout 2018 and beyond.”
