A recycling business has secured a £250,000 funding agreement from the UK’s largest independent invoice finance provider, Bibby Financial Services (BFS).
Based in Newport, Universal Waste currently recycles 200 tonnes of waste a month, and is looking to more than triple its recycling capabilities over the next six months and subsequently grow its workforce from 10 to 14 employees.
To achieve this growth, the business required cashflow funding quickly and was introduced to Bibby Financial Services’ Manchester team who were able to structure a factoring facility in just three days, following long delays from another funder.
Rhys Weaver, Director at Universal Waste said: “We had been in talks with another funder for over two months and were getting nowhere. In order to achieve our growth target we needed a funding facility in place quickly and the team at Bibby Financial Services were able to step-in to make the deal happen.
“Following our experience with another invoice financier, the BFS Manchester team’s approach has been a breath of fresh air.”
Dan Burton, Head of Sales for Bibby Financial Services Manchester says the deal is a testament to the funder’s expertise and agility. Dan said: “This deal demonstrates our ability to work hand-in-hand with our introducer network to turn deals around extremely quickly.
“Universal Waste Recycling is an ambitious business and we were able to work hard to make the deal happen within the timescales they needed to work to.”
Dan says that Bibby Financial Services’ personal approach was the enabling factor in meeting the business’s requirements. He said: “Getting to know the businesses we work with is key to our approach and this is a great example of how our expertise and speed of response can lead to success.
“Our team worked tirelessly - day and night - to structure this facility and I’m delighted that we were able to support Rhys and his team.”
Bibby Financial Services has seen a 13 per cent increase in agreed funding in the North West between January 2014 and January 2013, with funding lines increasing from £62.8m to £71.3m during this time.