Augean completes £15m refinancing to drive growth
WASTE management group Augean announced today it has completed a £15m refinancing which it said will help support the growth of the business.
The Wetherby-based group said the increased level of funding enables it to drive organic growth by expanding its range of services and capabilities targeted at the oil and gas industry, as well as the nuclear waste market and energy from waste.
The deal was led on behalf of HSBC by senior corporate banking manager Wayne Shadlock.
AIM-listed Augean was founded in 2004 and specialises in hazardous waste management. It operates sites across the UK and owns 50% of the UK hazardous waste landfill capacity. The company has made a number of acquisitions and invested in market-leading technology in recent years, and the increased funding support from HSBC will enable Augean to continue to explore opportunities in key growth markets.
Richard Allen, group finance director, said: “We are delighted to have renewed and extended our banking facilities with HSBC. The increased loan quantum and slightly extended term is expected to provide the group with access to the funding it requires to support the growth of the business over the next four years.”
Martin Lunt, HSBC’s Yorkshire head of corporate banking, said: “Augean has a high calibre management team, who have continued to develop the company’s strong position in its key markets. The company has firmly established itself as a leading player in its sector and it is looking to build on that strong position going forward, supported by this latest refinance. HSBC is pleased to support this valued relationship and we are excited about working with Augean going forward.”
Corporate partner Simon Cuerden from the Leeds office of law firm Irwin Mitchell along with Hayley Johnson from the firm’s banking & finance team, advised HSBC on the refinance.
Mr Cuerden said: “Augean is an ambitious and very successful Yorkshire company and this refinancing provides the ideal platform for future expansion. Irwin Mitchell is delighted to have supported HSBC on this deal and we look forward to seeing Augean continue to build on its strong position in the waste management sector.”
Law firm Walker Morris advised Augean with a team led by Ian Akitt.
