Member Article

Waste Management firm secures £90K funding package

A South West waste management firm has secured the funding to invest in a new picking line, thanks to the support of a £90K funding package from Genesis Asset Finance.

As one of the South West’s leading waste management companies the business was looking to improve its operational efficiency and reduce its environmental impact. The investment in the new picking line will enable the company to reduce the amount of waste sent to landfill as well as improving profitability by adding a new sales channel for recovered recyclable materials.

The business was referred to Genesis Asset Finance by Start Point Finance, NACFB brokers, to secure an asset refinance facility on the company’s existing vehicle fleet, with the money raised then invested in the new picking line.

Commenting on the transaction Tim Jones, Director at Start Point Finance said

“Start Point Finance work with a wide range of asset refinance funders to match client requirements and credit profiles against required interest returns. Due to the nature of the transaction the client normally faces some form of credit challenge and this can further develop as the transaction unfolds. Having obtained a refinance offer for a vehicle fleet (with an onsite valuation already completed) we found the documentation production dragging on as the funder appeared to be negotiating internally putting out new information requests and offering impractical solutions to the client. Sensing the momentum was being lost we asked Genesis to look at the deal. Their quick understanding of the credit dynamics and practical approach to the pay-out execution saved a transaction that had been lost.

Genesis understand the behaviour and motivation of the potential client which makes deals happen.“

Andrew Frost, Business Development Manager at Genesis Asset Finance said

“We’re committed to helping businesses, providing funding to firms across the UK. We pride ourselves on our ability to deliver solutions where others only promise and are delighted to provide the funding required to help this business prosper. An asset refinance facility was a good fit for the company , generating the funding it needs to invest in a new piece of bespoke equipment, without negatively impacting the operational cashflow of the business.”

This was posted in Bdaily's Members' News section by Andrew Frost .