Glasgow company with big ambitions
Founded in March 2016 by Director Joe Boyle, Altan Recycling is a burgeoning company with big aspirations that is looking to bring additional specialists on board to support its growth ambitions.
Recycling started at the company’s Glasgow premises, after Joe secured the required Scottish Environment Protection Agency licence early in 2016 - and he hasn’t looked back since.
Since being granted the licence, expansion has been rapid as contracts with large waste management companies in and around the Glasgow area have been signed. With the growth has come the need for high levels of efficiency in all areas of the business, from acquiring first rate machinery to maintaining a healthy cash flow, all of which help ensure current high standards are maintained and future success in a competitive industry.
Being new to the market meant that Altan Recycling had to initially sacrifice large chunks of their cash flow on machinery rental, which was a major burden for the business. To overcome this and investigate asset ownership in more detail, Joe approached Close Brothers Asset Finance, working closely with Kevin Byrne, Area Sales Manager for Glasgow.
Solution and results
After spending time getting to know both Joe and Altan Recycling, Kevin put forward three funding options:
1. Hire Purchase
This product allowed Altan Recycling to purchase a JCB, a Komatsu excavator and mechanical grapple, leading to a reduction in monthly payments and the option to own the asset outright at the end of the term.
To assist with cash flow, Altan Recycling refinanced two trucks that were unencumbered by finance to fund the deposit for the hire purchase agreement. Close Brothers was able to offer a VAT deferral to ease initial outgoings.
A lease agreement was put in place to help with the acquisition of a MIDI Q Trommel, which has helped to dramatically speed up the material separation process.
Joe Boyle: “We were delighted Kevin and the team at Close Brothers Asset Finance could help because we didn’t have very many accounts when we first met with them. The finance packages they offered us have helped us to overcome huge rental costs and work with top of the range equipment at our plant, which has had a great impact on the business.”