Recycling business ABL to grow
A fast-growing recycling business has secured a £1m asset-based lending (ABL) facility from Lloyds TSB Commercial Finance to support the ongoing development of Europe’s largest material recycling facility (MRF) in Kidderminster. Lloyds TSB Commercial Finance was introduced to Lawrence Recycling & Waste Management by James Grenfell at Orbis Partners, which acted as lead advisor to the management team in the raising of £10m of development capital in early 2009, from funders including Maven Capital Partners (previously the private equity division of Aberdeen Asset Management) and the Advantage Transition Bridge Fund. Lawrence Recycling & Waste Management says the investment was required to complete the refurbishment of The Forge, which has been fully operational for almost eight months and is expected to create 70 new jobs by summer of this year.
