Droitwich Recycling Firm Bags Funding To Drive Growth
A Droitwich recycling and waste management firm serving 5,000 businesses across the Midlands has invested in new disposal vehicles after a surge in demand for its services, creating three new jobs, with support from a £600,000 hire purchase facility from Lloyds Bank Commercial Banking.
Clearaway Limited, headquartered at Rushock Trading Estate, collects and recycles waste including glass, plastics and cardboard from factories, restaurants, schools and colleges across the West Midlands, Worcestershire and the Black Country.
The business currently completes 250,000 collections annually and following a 20 per cent uplift in demand in the last year, approached Lloyds Bank for funding to support its continued expansion. The hire purchase facility, which forms part of Lloyds Bank’s pledge to lend £2.5billion to Midlands firms this year, enabled the business to invest in three new lower emission and Euro 6 standards-compliant collection trucks.
As well as bringing the business’ fleet to 20-vehicles strong and enabling it to carry out 50,000 more collections per year, the new vehicles will also allow the business to access clean air zones on collection routes.
Lloyds Bank Commercial Banking worked alongside colleagues in the specialist commercial hire purchase and leasing finance team led by Julie Cranmer to provide the funding to enable the expansion.
Calvin Williams, director at Clearaway, said: “As a result of increased pressures for businesses to operate more sustainably, we’ve seen a huge uplift in demand for recycling management and disposal since launching in 2013. Our new vehicles will allow us to keep up with this demand and ensure more businesses in the area can opt for a greener choice when it comes to waste disposal.
“Lloyds Bank understands our business model and has helped fuel our growth strategy. We look forward to working with the team in the future as we continue to expand our reach across the West Midlands.”
Phil Larner, relationship manager at Lloyds Bank Commercial Banking, said: “Clearaway has gone from strength to strength since its inception and is an ambitious business that’s capitalising on market demand for its services. The new low emission vehicles will allow the business to increase its market share further as businesses are actively encouraged to manage their waste in a more sustainable manner.
“We are here to support companies like Clearaway to realise their growth potential as part of our commitment to help Britain prosper.”