Funding facility agreed for waste management company
Industrial services and waste management firm, Harpers Environmental, has secured £2m worth of funding from Independent Growth Finance (IGF).
This invoice discounting facility is central to the company’s refinance for growth.
The family-owned company focuses on the extraction, treatment and appropriate disposal of waste, based out of two sites in York and Teesside.
It serves clients across a range of critical sectors including food processing, manufacturing, petrochemicals and utilities. Clients include Yorkshire Water, Karro Foods, Sabic/lndaver and Biffa.
Harpers Environmental is supporting essential services during the current virus crisis, with its work playing a key role in ensuring food supply chains are maintained and water treatment processes continued.
Jonathan Marlow, executive director of Harpers Environmental, said: “In IGF we saw a similarly entrepreneurial, pragmatic and agile partner which fits perfectly with the direction of our business.
“The whole team at IGF has been superb and has moved at pace to complete the transaction, notwithstanding the challenges of the Covid-19 backdrop, and this will support our growth over the next five years.”
Jeff Greenfield, ABL director at IGF, added: “We are delighted to support the team at Harpers Environmental as they continue on their growth path.
“We took the time to understand the business so that there was no variance from indication of terms to the final offer.
“Despite the logistics challenged presented by Covid-19 we were pleased to complete this deal ahead of schedule.”
Marlow added: “From the initial conversation six weeks ago, to signing, IGF has been consistent and unwavering in its delivery of the transaction.
“Clearly any credit decision is that bit more challenging in the current environment and so deliverability is paramount from the company’s perspective.”