Founded in 2007, Environcom is an e-waste recycler, predominantly focusing on re-use first and as a last resort recycling electrical goods. They have a turnover of just under £20m and employ around 168 people in the UK. As e-waste specialists, they work closely with customers and play an integral role in supply chain solutions, allowing them the opportunity to close the loop on e-waste. Their aim, to change the way we manage e-waste in a sustainable and future-proof way.
The relationship with Aldermore started in 2016, when we provided the business with an Invoice Finance facility with Bad Debt Protection, to help the growing business maximise their cash flow. Cris Stephenson, chief executive officer at Environcom highlights why he felt Aldermore were the right fit for the business.
“For such a small business it’s financially very complex and most of the classic businesses out there providing the same services as Aldermore, weren’t really set up for that and weren’t terribly interested in being flexible and Aldermore were, so we chose them.”
In 2022, we were delighted to be asked to support them on a new project. As a fridge recycling plant, by law, the business must recover the refrigerant and blowing agent gasses from fridges, due to the hazardous materials they contain. These must be destroyed by high temperature incineration. There were only two incinerators that could do this in the UK, so Environcom needed their own and the investment to help fund the Gas Energy Recovery Incinerator (GERI) project.
Catherine McGorrigan, Relationship Manager for Invoice Finance at Aldermore highlights the importance of the existing relationship and how it helped that we were already familiar with the business. “The relationship has grown really well and when they wanted to invest in the GERI we were able to collaborate across the bank to provide an Asset Finance facility that has enabled them to fund the project.”
An additional benefit to the business is that the incinerator also produces heating and hot water from using energy recovery, reducing Environcom's carbon footprint as the business looks towards becoming net zero.
James Harrowsmith, Business Development Manager for Asset Finance highlights how as a bank we look to continue our relationship with the business moving forwards. “Environcom have big ambitions and ideas for the future, and as a bank we want to continue to support them and help them grow.” We’re excited to see what they do next.