Member Article

Yorkshire hazardous waste firm Augean in £15 million refinancing package

Wetherby-headquartered waste management group Augean has today completed a £15 million refinancing, backed by HSBC’s Yorkshire Corporate team in Leeds.

The renewal, with HSBC as the sole provider, took place on 7th March 2014, providing access to a new overdraft, term loan and revolving loan facility for an extended period to July 2017.

The new facility provides debt funding to the Group of up to £15 million, an increase from the £10 million previously available.

The increased level of funding enables Augean to drive organic growth by expanding its range of services and capabilities targeted at the oil and gas industry, as well as the nuclear waste market and energy from waste.

The deal was led on behalf of HSBC by senior corporate banking manager Wayne Shadlock.

AIM-listed Augean was founded in 2004 and specialises in hazardous waste management. It operates sites across the UK and owns 50% of the UK hazardous waste landfill capacity.

The company has made a number of acquisitions and invested in market-leading technology in recent years, and the increased funding support from HSBC will enable Augean to continue to explore opportunities in key growth markets.

Commenting on the refinancing, Richard Allen, group finance director, said: “We are delighted to have renewed and extended our banking facilities with HSBC.

“The increased loan quantum and slightly extended term is expected to provide the Group with access to the funding it requires to support the growth of the business over the next 4 years.”

Martin Lunt, HSBC’s Yorkshire Head of Corporate Banking, said: “Augean has a high calibre management team, who have continued to develop the company’s strong position in its key markets.

“The company has firmly established itself as a leading player in its sector and it is looking to build on that strong position going forward, supported by this latest refinance.

“HSBC is pleased to support this valued relationship and we areexcited about working with Augean going forward.”

Corporate partner Simon Cuerden from the Leeds office of law firm Irwin Mitchell along with Hayley Johnson from the firm’s banking & finance team, advised HSBC on the refinance.

He said: “Augean is an ambitious and very successful Yorkshire company and this refinancing provides the ideal platform for future expansion.

“Irwin Mitchell is delighted to have supported HSBC on this deal and we look forward to seeing Augean continue to build on its strong position in the waste management sector.”

This was posted in Bdaily's Members' News section by Clare Burnett .