White Oak UK, one of the UK’s leading non-bank lenders, has provided recycling specialist Glazewing with a £712,000 asset-backed finance facility to support the purchase of new, efficiency boosting equipment upgrades, to help the business meet increasing demand.
As one of the leading metal recyclers in the East of England, Glazewing collects and disposes of unwanted metal, including end-of-life vehicles and scrap from demolition sites, which it then recycles and sells to customers in the UK and overseas.
The asset finance package provided by White Oak UK has enabled Glazewing to acquire two Liebherr LH40 17m machines – the world’s first in that specification – which enables quicker container loading for export, whilst reducing fuel consumption. The new machinery will enable the business to increase its loading capability by 20%, in line with a recent uplift in demand for its scrap metal product.
Having partnered with White Oak UK for over a year, Glazewing is already targeting further growth in 2023, with an additional £1m credit line facility in the pipeline to enable the business to ramp up its commercial vehicle and machinery upgrade plans.
This funding package rounds off a strong year for White Oak UK, which lent £465m over the course of 2022, a record that the firm plans to expand on after pledging £500m to support SME business growth in 2023. White Oak UK provides support to SMEs and mid-corporates through a range of funding options, including asset finance, invoice finance and working capital loans across all sectors and regions in the UK. The construction sector made up 15% of the firm’s portfolio in 2022, assisting companies like Glazewing with their growth plans.
Jason Minns, Director at Glazewing Limited commented: “With an uplift in demand for our recycling services, it was vital to be equipped with more efficient machinery to enable us to process metal at a faster and more energy efficient rate. Investing in new machinery gives us the capacity to recycle more metal and make our processes even more efficient for customers, and we already have exciting plans underway in the new year to help us further expand our business.”
Andy Davies, Director of Sales at White Oak UK commented: “In partnering with Glazewing, we have been able to provide tailored funding solutions so the business can pursue its ambitious expansion strategy. For Glazewing, this latest funding facility and the £1m in hire purchase facility earmarked for 2023 will give the business the firepower it needs to drive its growth plans. We are committed to backing companies like Glazewing in 2023 and beyond – believing in the strong underlying potential of UK SMEs, despite economic headwinds.”
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