Biowise (trading as Wastewise)
Clydesdale and Yorkshire Banks
Region: Yorkshire and Humber
Location: Willerby, East Yorkshire
Programme: Enterprise Finance Guarantee
Biowise (T/A Wastewise) is a leading provider of total waste management solutions across Hull and East Yorkshire. The company specialises in the collection, recycling and composting of household and commercial and industrial waste to help reduce greenhouse gas emissions and recover valuable raw materials.Wastewise is committed to helping their public and private customers improve their environmental performance whilst lowering costs. Each year they handle more than 100,000 tonnes of waste across their various operations with an overall recycling and recovery rate of more than 90%.
In order to grow the business, Wastewise needed finance to support the development of a new state of the art In-Vessel-Compositing facility. This was needed to fulfil a £25m contract to handle more than 60,000 tonnes per annum of kitchen and garden waste from households in Hull and East Riding over the next ten years.
They applied for a 5-year term loan of £1.2m via the British Business Bank’s Enterprise Finance Guarantee. They succeeded in raising more than £4m of funds, including £2.1m from Yorkshire Bank. As a result, they were able to fully fund the development of the new plant, meaning they were in a position to fulfil their new contract with Hull and East Riding Councils.
James Landau, Managing Director at Wastewise, said:
“Securing the funding through the British Business Bank’s Enterprise Finance Guarantee Scheme has given our business the boost it needed to take us to the next level. As a result, we have opened our new plant which will help reduce the impact everyday waste has on the environment by providing a sustainable alternative to traditional landfill sites.
“The whole process was simple, from applying right through to receiving and allocating the funding. Our customers are thrilled with the new plant which will have a real impact on the way Hull and East Riding manages its organic waste.”