Need-A-Skip Funds Expansion with EIB Loan
Sandwell based waste management company Need-A-Skip has expanded its operations after securing a six-figure European Investment Bank (EIB) loan from Lloyds TSBCommercial.
Based on Brandon Way, West Bromwich, Need-A-Skip operates a complete waste management service, taking in material and separating the recyclables, which can then be sold as a commodity.
The company, which covers the whole of the West Midlands, is using the loan to help finance a larger dedicated recycling facility. The move should increase annual turnover by 20%.
With businesses and local authorities looking to reduce the amount of waste sent to landfill, the £4m turnover company has opted to expand because of the demand for more sustainable and environmentally friendly waste management services.
Currently taking in 1,000 tonnes of waste materials per week and recycling 85% of it, the firm has enlarged its site by an additional 3,500 sq ft. It aims to achieve a recycling rate of 90% of all materials acquired.
The loan was made through the EIB scheme, which allows firms to secure standard fixed or base rate loans with a 0.80% interest rate discount. The funding can be used for a variety of purposes, such as purchasing or renovating property.
Currently employing 48 people, Need a Skip plans to recruit a further five people to man the new site and increase turnover by £1m in the next 12 months.
Stephen Butler, director, said: “We service all the major house builders along with many local construction companies and homeowners, taking in huge amounts of waste every day. It is therefore important that we dispose of it in the most environmentally friendly way possible.
“The new larger premises give us the capacity to further increase the amount of building materials we take in and are able recycle, along with creating more jobs and allowing us to ultimately increase our turnover.”
Darren Riley, relationship director for Lloyds TSB Commercial, said: “The company is a well-recognised name in West Bromwich with homeowners and builders alike. It provides a vital service to the area and it’s great that this more workable space will allow them to continue to do so.”
