Devon waste management secures £5.5 million funding deal for growth and leadership change

Devon Waste Management, the county’s leading independent waste management business, has secured a £5.5million finance package from the Lloyds Bank Commercial Banking team in Plymouth to support its continued expansion.

Steve Hadley who was previously Commercial Director, has also taken over ownership and management of the business from Collin Hickling, who has left to pursue other interests. Steve will continue to be supported at board level by Devon Waste Management’s Chairman, Allan Vodden, and Non-Executive Director, Stuart Crebo.

The lending facility has been provided by Lloyds Bank, using funding from the Government-backed Funding for Lending Scheme (FLS), which enables businesses to take advantage of reduced borrowing costs in order to boost their growth plans and support future investment.

Employing more than 75 people, Devon Waste Management is a leader in non-hazardous waste recovery, re-use and recycling, managing both high profile and large scale public sector contracts, alongside waste management solutions for a diverse portfolio of business and residential clients.

With key strategic locations situated across the South West region, Devon Waste Management operates two principal recycling and recovery centres at Deepmoor Torrington and Exeter Recycling Centre in Kennbury. The business’ recycling centre in North Devon converts household and municipal waste from Torridge and North Devon District Councils into electricity supplying two Mega Watts per hour to the National Grid, which provides power to 4,000 homes per year.

Devon Waste Management’s relationship with Lloyds Bank spans more than 15 years and this latest multi-million pound funding package from Lloyd's Bank will provide additional capital to drive the business’ continuing growth and expansion. Primarily this will support investment in existing infrastructure, including the materials recycling facilities at the Kennbury site which enables the recovery of both commercial and industrial waste from a newly built 11,000 square foot Recycling Centre.

This investment in its recycling facilities will help Devon Waste Management to facilitate its future growth ambitions and ultimately enable the business to efficiently handle an increased volume of waste recycling, with better facilities and increased space.

Devon Waste Management recently achieved the coveted Health & Safety and Environmental accreditations (OHSAS 18001 and ISO 14001), which are the highest recognitions in the waste management industry. The business is highly regarded by its customer-base for retaining complete control of waste materials - from collection, through recycling and ultimately disposal.

Steve Hadley, Managing Director of Devon Waste Management said: “Our business has gone from strength to strength in recent years and the remainder of 2013 will bring further organic growth and expansion.
“Lloyds Bank has played an instrumental role in supporting our development since our inception 15 years ago and this latest funding is another important step in driving on-going success. The team has worked closely with us to provide additional facilities; this reflects their belief in our business model and development strategy.”

Andy Wilton, Relationship Director for Lloyds Bank Commercial Banking commented: “Devon Waste Management is a leading independent player in waste management, with the capability to deliver efficient services for its wide range of commercial and public sector customers. Its Exeter-based recycling facilities has benefitted from the significant investment at the Kennbury Wood site.

“Devon Waste Management is a typical example of a UK mid-market business that is continuing to generate steady growth in what has been a challenging economic climate. Businesses such as this are fundamental contributors in our continuing economic recovery and Lloyds Bank is committed to working with them to provide the backing they need to drive growth and development.”

For further information visit www.devonwaste.co.uk