Greenbox Recycling, a waste management and skip hire company based in Ashford, Kent, has completed the purchase of its previously rented premises with a £1.8 million funding package from HSBC.
The recycling company, which has been operating in Ashford since 2011, has used a commercial mortgage loan of £640,000 to acquire its previously rented yard. HSBC also supported Greenbox Recycling with an equipment finance facility of £500,000 to assist with the purchase of the Greenbox Recycling fleet.
Commenting on the deal, Sarah Milligan, HSBC’s area director in Kent, said: “Since the business launched it has seen rapid growth in a closely competitive sector which has particularly high industry regulations. Taking ownership was an important step for Greenbox to maintain the high quality services it provides to customers and ensure it continues to exceed the demanding industry standards for many years to come.”
Greenbox Recycling provides skip hire, recycling and waste management services to businesses and individuals throughout Kent and East Sussex. The company aims to recycle 90% of the waste it collects while the remaining 10% is sent for energy recovery.
Richard Monks, who co-owns the Greenbox Recycling alongside Alan Hogg, commented: “With HSBC’s professional advice and financial support, we have been able to buy our previously rented site and provide ourselves with a stable trading future. Having full ownership of our business has always been important to us and it’s great to officially own our Ashford site. This gives us a great opportunity to continue meeting our customers’ needs and stay ahead of our competitors.”