The Lincolnshire-based waste management company will also use the funding to renovate the site, turning the existing waste transfer station into a waste and recycling centre.
Grantham Industries finance director, Leanne Fairburn, said: “We had a very specific requirement to purchase a waste site and were looking for a lender to support this transaction. We were delighted that Paragon could support us with a funding facility, building on our existing relationship with the bank after purchasing equipment previously.
“Purchasing the site in Rutland will be a new opportunity for us to expand our footprint and proposition, and we’re grateful to Henry and the Paragon team for all their help in making this a smooth process.”
In addition to the waste site, Paragon recently supported Grantham Industries with a £198,000 asset finance package to purchase a Volvo Wheel Loader for use at one of its current waste transfer sites.
This deal has been led on behalf of Paragon’s SME Lending division by Henry Oakes, business development manager in the Vendor team, headed by Terry Lloyd.
Business development manager Henry Oakes at Paragon Bank added: “It’s been a pleasure to help Grantham Industries expand its business and purchase the site which will undoubtedly bring about new opportunities for them.
“At Paragon we strive to support clients with their business goals through various financing options, so we were thrilled to be able to arrange a funding facility for Grantham Industries.”
Grantham Industries offers a range of services including demolition, plant services and waste management. The company was started in 2001 by current managing director Simon Grantham and his brother Andrew Grantham.
Grantham Industries employs over 90 people and currently has operations in Louth, Lincoln and Doncaster.
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