Member Article

Seven figure funding boost for glass recycling company

Plans to build a new facility along the River Thames, have been given a boost following a seven figure funding boost from the Royal Bank of Scotland.

Glass recycling company, URM has secured £24.5m financing deal with the RBS which includes funding for a new facility at the Port of Tilbury along the River Thames.

URM, which operates three cullet treatment and recycling plants in Yorkshire, is planning to embark on further investment to enhance quality from these plants and add 45% additional capacity with this expansion in the South East.

The new site will have state of the art plant and machinery, and will serve as URM’s new base in the South of England.

The business has traded under its subsidiary, Berryman, for over 90 years and is headquartered in South Kirkby West Yorkshire. Its parent company, URM pty Limited, based in Sydney Australia, provides waste management services to local authorities in New South Wales and has been involved in the UK since 2006.

Mark Wilson, chief executive officer, said: “The additional processing site is a very exciting development for the company. Its strategic location will transform our ability to serve the UK glass market, while also creating new jobs in the local area.”

“A key factor in our decision to choose the Royal Bank of Scotland as our funding partner was the impressive way in which the entire team came together to work on our request collaboratively and with the speed in which they turned this around. We see this as a real positive sign of the Royal Bank of Scotland’s ability to work with us both now and in the future in support of our strategic requirements where a quick reaction is key to taking advantage of market opportunities.”

The Royal Bank of Scotland delivered £24.5m debt facilities to new client, URM. The deal was supported by Andy Croasdell, Relationship Director at the Royal Bank of Scotland and Jamie Rigby, Director at the bank’s Structured Finance team.

Andy said: “We are delighted to support URM on its development in the South East. The plant will both be a boost to the local economy and provide URM with a platform to go from strength to strength.

“The team involved in the deal were able to deliver facilities using four different products within eight working days which is a testament to our ability to work together to deliver positive outcomes for customers. We are looking forward to a new long-term partnership with the business and supporting them in delivering their ambitious plans for the future.”

This was posted in Bdaily's Members' News section by Ellen Forster .