Since being established in 2015, Euro Recycling has been experiencing rapid year on year growth and this trend was forecast to dramatically increase over the next 12 months.
In order to maximise on their growth and accelerate the business even further, the team required a new funding partner capable of providing the necessary working capital to expand their current workforce and realise their growth ambitions.
Referred to ABN AMRO Commercial Finance, the team was provided with a suitable funding solution to meet their growth requirements. The smooth transition from Euro Recycling’s existing funder was facilitated with a quick turnaround from initial site visit to payout.
The creative funding solution comprised of £1.35m Receivables Finance and a £150k Enterprise Finance Guarantee (EFG) Revolving Loan. The EFG is an innovative business finance scheme, supported by the Government through the British Business Bank and provides businesses which already have Receivables Finance in place with up to 100% advance on all approved invoices in order to support ongoing working capital.
Through ABN AMRO, Euro Recycling was also able to combine their funding with Bad Debt Protection (BDP), helping to safeguard the business against potential late and non-payments. The provision of BDP alongside the Receivables Finance meant that ABN AMRO could manage these services in-house, eliminating the need for additional service charges with an alternative provider.
Ben Essien, Financial Director at Euro Recycling said: "The team at ABN AMRO was able to provide us with a flexible funding solution and the additional headroom provided by the EFG will support us in achieving continued growth. We were particularly impressed with ABN’s transparency throughout the on-boarding process and look forward to working with them as our preferred partner for growth."
This young business is expecting to take on a number of new customers and increase business with their existing customer base, resulting in the need to recruit more staff. The funding provided ensures that Euro Recycling has the necessary headroom to cover these costs as well as support day to day working capital.
Euro Recycling operate exclusively within the UK and further growth will be a real benefit to the local economy as they continue to provide comprehensive and environmentally friendly waste management solutions.