Devon Waste Management has secured a funding package to facilitate the delivery of the company’s growth plans and enable the previous majority shareholder to exit the group.
As part of this transaction Devon Waste Management has put in place a £5.5m finance package from Lloyds Bank to support its expansion. The facility also uses funding from the government-backed Funding for Lending scheme.
Devon Waste Management has turnover of £16m, employs more than 75 members of staff and has locations across the South West. Its main recycling and recovery centres are at Deepmoor Torrington and Exeter Recycling Centre in Kennbury. Steve Hadley, now the Managing Director, is supported on the Board of Directors by Allan Vodden, Chairman, and Stuart Crebo, Non-Executive Director.
In addition, the new funding from Lloyds Bank will support investment at its recycling facilities at its Kennbury site.