Overcast

Overcast

max temp: 16°C

min temp: 8°C

ESTD 1874 Search

Claydon: Sackers Recycling to step up export drive after £2.5m funding deal with Lloyds

10:23 03 April 2014

From left, David Dodds, managing director at Sackers Recycling, Randall Dawson, relationship director at Lloyds Bank Commercial Banking and David Squibb, regional trade director at Lloyds Bank Commercial Banking.

From left, David Dodds, managing director at Sackers Recycling, Randall Dawson, relationship director at Lloyds Bank Commercial Banking and David Squibb, regional trade director at Lloyds Bank Commercial Banking.

Archant

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.

shares

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.”

shares

0 comments

A jackup rig pictured in the River Deben this week

A structure which appeared in the River Deben between Felixstowe and Ramsholt this week is helping contractors behind a Suffolk off-shore wind farm survey the surrounding area.

Sisters Hannah Huntly and Beth Cook at their Baker & Barista coffee house which is changing its name to Applaud Coffee due to a trademark issue.

An independent coffee shop is changing its name following a trademark clash.

John Dugmore of Suffolk Chamber with West Suffolk MP Matt Hancock.

Suffolk Chamber of Commerce has praised a pledge by ministers to give small firms a greater chance of securing Government contracts in the future.

The first container train to pass over the Ipswich chord rail link in Ipswich.

Seven Conservative MEPs from across East Anglia and the Midlands have challenged the European Commission over its refusal of funding for a scheme which would have helped to shift millions of tons of freight from road to rail.

FoxyBingo owner bwin.party has jilted suitor 888 Holdings in favour of a £1.1billion cash-and-shares offer from Sportingbet owner GVC.

Ipswich businesswoman Melissa Day who is raising funds for an educational project working in the tea plantations of Sri Lanka

Ipswich businesswoman Melissa Day is planning a special Sri Lanka themed event at the Indian Palace restaurant in Ipswich, for a cause close to her heart.

A branch of cash and carry chain Booker.

Cash and carry chain Booker has been given the green light by the competition watchdog for its £40million takeover of Londis and Budgens.

David Brown, chief executive of Go-Ahead.

Bus and train operator Go-Ahead today reported increased underlying annual profits, helped by an improved performance from its rail business.

Artist's impression of the new KFC proposed for Stane Park, Stanway

KFC has been announced as the latest name to sign up for a proposed leisure park in Stanway.

Roger Buston, right, principal at Asher Prior Bates, and Adrian Livesley, managing partner of Birkett Long.

Essex law firm Birkett Long has expanded again with the addition of Colchester-based Asher Prior Bates – its sixth acquisition in as many years.

Most read

Most commented

Topic pages