About the client
Our client is one of the leading metal recycling companies in the UK. Established in 1920, the business has grown from a local metal trader into one of the largest independently run recycling companies in Europe.
The company’s continued investment in infrastructure and quality personnel has it at the forefront of the metal recycling industry.
Why did the client need finance?
Seeking to reduce emissions and tackle climate change in line with their local council guidance relating to license renewals, the client needed to purchase a new furnace extraction system to help reduce carbon emissions from their foundry from 20mg to a target of 5mg.
Replacing the existing extraction system would also ensure renewal of the company’s operational license is granted when it is next reviewed by the council, ensuring they can continue with businesses as usual.
With a total investment of almost £350,000 required to purchase the new extraction system, the client wanted to arrange the most suitable finance facility to fund the transaction.
The company’s Chief Finance Officer approached the expert team at ABL to help.
How did ABL help?
Following our Finance Discovery and Delivery process, we carried out a thorough assessment of the company’s requirement for finance and what they wanted to achieve, before getting to work to secure them the best commercial finance facility.
We structured an Asset Finance facility using a 60 month hire purchase agreement and split this across two lenders to ensure the client could access the finance they required to purchase both the Dust Filtration System and Filters they needed.
The finance was agreed well in advance of drawdown to ensure the client was confident the funds were in place when they received delivery date confirmation for their new extraction system, with the funds released on delivery and installation of the system.
A word from the client…
“We have worked with the team at ABL on several commercial finance facilities and continue to be impressed with their knowledge of the market and ability to determine and then deliver the most suitable type of finance for what we require.” – Chief Finance Officer.
If you want to find out what your funding options are you can get in touch with Luke via email or call him on 07415 864567.