The funds will supply the company with a “more flexible cash-flow set up” to cover the cost of compliance for its growing membership base, Ecosurety said, adding that the new finance package would help the scheme to manage volatility in PRN prices.
Ecosurety – which describes itself as one of the UK’s leading recycling compliance schemes – has more than 1,000 members across the food, drink and retail sectors, including the Co-operative Group, Morrisons and Virgin Media.
The compliance scheme says it helps its members manage their legal recycling obligations, whilst also working with them at a strategic level, “channelling investment into UK recycling projects that offer a solution to the UK’s reliance on waste export markets”.
‘Growth’
Commenting after securing the funding, James Piper, chief executive of the company said: “As companies recognise the long-term benefits that Ecosurety’s business model offers, we’ve seen increased business growth. This, coupled with high recycling evidence (PRN) prices, has created the need for a more flexible cash-flow set up – something HSBC UK is helping us manage.
“The £2m finance facility will enable Ecosurety to continue to meet the needs of its members, whilst delivering on its broader mission to build UK recycling capacity through collaboration, innovation and targeted investment.”
The funding from HSBC UK has been drawn from the bank’s SME Fund, which has dedicated £550 million to SMEs across Bristol.
James Shepherd, head of corporate banking in Bristol, Gloucestershire and Wiltshire, added: “HSBC UK is committed to helping Bristol businesses realise their ambitions and Ecosurety is no exception. It is one of the leading businesses in its field, helping companies share recycling evidence and innovate to improve the UK’s recycling efforts.”
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