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Wastewise secures funding for new IVC Development9th Mar 2015
Wastewise has raised more than £4m in funds to develop a new waste processing facility in Willerby with support from Yorkshire Bank.
The company secured £2.1 million in funding from the Bank to develop and operate the new state of the art In-Vessel Composting (IVC) facility near Hull. The loan was facilitated by one of Yorkshire Bank’s relationship managers, Anthony Hutt, and will help the firm meet its growth targets while also providing employment for up to 20 staff in the region.
The expansion follows the award of a 10 year contract by Hull and East Riding Councils which will involve the collection and processing of more than 60,000 tonnes per annum of garden and food waste from 263,000 homes in the region. The new plant will convert the waste into quality compost for use in the horticulture and agriculture sectors.
As well as securing £2.1 million in support from the Yorkshire Bank, Wastewise received more than £1m from the government’s Growing Places Fund via the Humber Local Enterprise Partnership, a further £1.1m from Close Brothers Asset Finance which includes a £242,000 grant from the Regional Growth Fund to help safeguard jobs in the region. Wastewise also provided more than £250,000 of its own funds to finance the new processing facility.
James Landau, managing director at Wastewise, said:
“Wastewise has been committed to bringing environmentally friendly waste-management services to Hull and East Riding since launching in 2001. The funding from Yorkshire Bank and other lenders will allow us to build and operate the new processing facility, helping to reduce the impact everyday waste has on the environment by providing a sustainable alternative to traditional landfill sites."
“We hope to have the facility up and running by May at which point we’ll be in a strong position to grow the business into new service offerings and geographical markets.”
Brian Lake, Head of Yorkshire Bank’s Business and Private Banking Centre in Hull and Humber, said:
“Wastewise provides an essential service for businesses and councils looking for environmentally friendly and sustainable ways to dispose of household, commercial and industrial waste. It is a shining example of a business which has evolved to continue to meet the changing demands of the marketplace."
“At Yorkshire Bank, we are committed to supporting local businesses in Hull, Humber and East Riding such as Wastewise and are pleased we are able to help support the business in its growth plans for the future.”
David Kilburn, Chair of the Humber LEP’s Investment Panel, said:
“We are delighted to be supporting Wastewise with a Growing Places Fund Business Loan to assist them to develop this valuable facility. The Humber Local Enterprise Partnership’s Business Loan Fund is designed to unlock capital projects, such as this one, that can make a significant impact on the Humber economy. Wastewise is one of several businesses that have received finance through this programme and it is gratifying to see a project taking off which will benefit the whole community.”