Member Article

Yorkshire waste company refinance for growth

Waste management group Augean plc has completed a £10m refinancing deal with HSBC’s Corporate Banking team in Leeds.

The move will refinance existing funding for the Wetherby-based business, and will bolster future growth plans.

Martin Lunt, HSBC’s Head of Corporate Banking in Yorkshire, commented: “Augean plc has quickly become a leader in its sector, trailblazing new waste-management solutions and providing specialist waste management to its clients.

“We’re delighted to have completed the refinance for Augean and look forward to our ongoing work with the business as it progresses its growth strategy.”

Simon Cuerden, Corporate Partner at Irwin Mitchell in Leeds advised on the deal, and added: “This is an important deal for Augean as it will enable the business to continue its strategic development.

“It is also significant in that it provides further evidence during these tough economic times that banks are willing and able to support established and well-run businesses in order so that they can continue to meet their growth aspirations.”

Ian Akitt and Ben Roden at Walker Morris also provided legal advice to the firm.

Mr Akitt said: “Augean is a long-standing client of Walker Morris having previously acted for them on a number of acquisitions and previous funding.

“This refinancing should provide the company with a stronger balance sheet, for the benefit of all stakeholders.

“The deal was completed with an all Yorkshire advisory team which is credit to the professional services expertise in the region.”

This was posted in Bdaily's Members' News section by Tom Keighley .