Cardiff-based Forward Waste Management Ltd (“FWM”), one of the UK’s leading waste management firms specifically catering for the manufacturing sector, has received around £2 million in Growth Capital funding and working capital facilities from Santander Corporate & Commercial to help develop its regional waste collection and processing facilities extending from South Wales to the West Midlands.
Established in 2006, FWM provides an end-to-end service to UK manufacturers, including the management of hazardous waste materials. With a substantial increase in environmental regulation over the past decade, FWM has expanded significantly as the demands on its clients have grown. UK landfill reliance has reduced from 53% of waste in 2008 to 22% as of 2014, for instance, and FWM has capitalised by advising clients on their total waste management strategy via a single point of contact.
The firm’s current clients include British Airways, Ricardo, Federal Mogul, Sony and Actavis.
The Growth Capital funding from Santander is being used to support both the growth of FWM’s existing business in South Wales and, in particular, to fund its operations in the West Midlands as the business develops a fast-growing customer base in the region. The company also incorporates its own waste handling equipment division, Enviroquip, manufacturing and refurbishing a wide range of machinery including waste compactors, balers and containers.
Santander’s Growth Capital loans are targeted at businesses with annual turnovers of up to £50 million which have a demonstrated history of high year-on-year growth in turnover, profit or employment. The facility is part of the bank’s Breakthrough support programme, which is aimed at fast-growth, ambitious businesses and includes funded overseas trade missions, Masterclass events and also provides graduate interns to SMEs.
Santander Corporate & Commercial was supported on the FWM transaction by Lexington Corporate Finance and Foot Anstey.
Lyndon Ward, Managing Director, Forward Waste Management Ltd, said:
“We are a dynamic business operating in growth driven by the increasingly significant waste and recycling regulatory and compliance requirements for our customer base. It’s refreshing to have a banking partner that has been keen to work with us and help support our growth ambitions. I very much look forward to working with the team at Santander going forwards.”
Peter Abel, Director, Growth Capital, Santander Corporate & Commercial, said:
“This is a business we have known and tracked for a while and have been very impressed with the strength of the management team and board for a company of this size. They operate in a sector with exciting opportunities and we look forward to supporting the team with their UK growth ambitions.”