Euro Recycling Brokers Ltd
ABN AMRO Commercial Finance
Region: North West
Programme: Enterprise Finance Guarantee
Euro Recycling Brokers Ltd is a waste broker that provides sustainable waste management solutions to their clients, primarily arranging for the collection and disposal of various waste streams.
As a team of waste specialists, they encompass over 30 years’ experience. In addition to this they also facilitate site, plant and liability insurances, staff training and plant/recycling equipment finance solutions.
Since being established in 2015, Euro Recycling has experienced rapid year on year growth. In order to accelerate the business even further, the team required new funding for working capital and to expand their existing workforce and realise their growth ambitions.
After being referred to ABN AMRO Commercial Finance, the team secured a creative funding solution to meet their growth requirements, comprised of £1.35m Receivables Finance and a £150k revolving loan facility under the British Business Bank’s Enterprise Finance Guarantee (EFG) programme.
Deborah Bell, Commercial Director at ABN AMRO Commercial Finance said: “EFG is a great funding solution, providing additional headroom alongside our Receivables Finance offering, to help UK businesses achieve their growth ambitions. We’ve been a proud partner of the British Business Bank through the EFG programme since its inception in 2009, and look forward to continuing our partnership in the future.”
Launched in January 2009, the EFG programme provides its accredited lenders with a Government-backed guarantee for 75% of the outstanding balance of eligible facilities, potentially enabling a ‘no’ credit decision from a lender to become a ‘yes’.
EFG enables funders to provide facilities of between £1,000 and £1.2 million to smaller businesses that are viable but unable to obtain finance from their lender due to having insufficient security to meet the lender’s normal credit requirements.
To date, the EFG programme has supported smaller UK businesses with 30,097 facilities totalling more than £3.2 billion.
In October 2018, the British Business Bank announced that Blackpool-based Euro Recycling was the recipient of the 30,000th Enterprise Finance Guarantee-backed facility. The provision of over 30,000 facilities, at an average value of around £105,000, has allowed smaller businesses across the UK to grow and further their business ambitions.
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 operates exclusively within the UK and expects that its further growth will benefit the local economy as it continues to provide environmentally friendly waste management solutions.
Reinald de Monchy, Managing Director, Guarantee & Wholesale Solutions at the British Business Bank, said: “In the near decade since the programme was launched, over 30,000 EFG backed facilities have now been made across all regions of the UK.
“Enterprise Finance Guarantee is an important option and a real help for smaller businesses who need access to finance to grow but struggle to meet the lender’s normal security requirements. This major milestone for EFG shows how important the programme has been, and continues to be, in turning ‘no’ decisions into ‘yes’ decisions for UK smaller businesses seeking debt finance.”