February 2 2015 Latest news:
Thursday, April 3, 2014
Recycling and waste management business Sackers Recycling is accelerating its plans to export recycled metals to new markets in the Far East after securing a £2.5million funding package.
The family-run company, established in 1929 and based at Claydon, near Ipswich, now generates annual turnover of £25m, through bespoke waste collection, recycling and disposal solutions for businesses and domestic households across East Anglia.
The business, which employs a staff of 60, also sources, recycles and trades ferrous and non-ferrous metal, and it has experienced increased demand for these products from customers in India and China, where the metal is supplied to steel mills and used to manufacture cars and construction materials.
To capitalise on this demand the business switched from its previous banking provider and approached Lloyds Bank’s East Anglian team, which has provided a trade finance facility and working capital to allow the business to generate new sales opportunities with both new and existing customers in the Far East.
The cashflow will also enable the business − which has named Business of the Year at the 2013 EADT Business Awards − to increase its supply line by facilitating opportunities for it to source larger quantities of metal in a shorter timescale. David Dodds, managing director at Sackers Recycling, said: “We actively promote recycling and environmentally-friendly methods of disposing waste, and we use our considerable expertise to recover value from waste materials where possible.
“The market for scrap metals is particularly buoyant and this deal responds to an increasing demand from our growing customer base in the Far East for these materials. Lloyds Bank recognised that the trade finance facility was the ideal solution to enable us to capitalise on new sales opportunities and we look forward to building this relationship as we drive the business forward.”
Randall Dawson, relationship director at Lloyds Bank Commercial Banking, said: “Sackers Recycling operates in a competitive market and it is the business’ drive to invest in new equipment and its robust management team that has seen it develop a strong market share both locally and overseas.”
David Squibb, regional trade director at Lloyds Bank Commercial Banking, added: “There is significant demand in Asia for Sackers Recycling’s materials, fuelled by a surge in construction projects.
“The challenge for any business trading overseas is funding a much longer working capital cycle, and Lloyds Bank’s trade finance facility assists the business to bridge the gap between shipment and final payment, helping them compete on the global stage and fuel growth.
“Supporting exporters is part of the Lloyds Bank SME Charter, and includes our commitment to increase our trade finance lending by 25% this year.”