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Close Brothers Asset Finance funds assets for state-of-the-art composting facility

We have provided significant funding for Biowise Ltd’s new state-of-the-art In-Vessel Composting (IVC) facility, built to treat organic waste on behalf of Cheshire East Council.

Biowise is a leading recycling and waste management firm based out of Hull. 

The IVC plant allows for the annual collection, processing and recycling of up to 75,000 tonnes of residual food and garden waste with over 95% of the waste inputs recycled into high quality BSI PAS 100 certified compost for use in horticultural, agricultural and landscaping markets. The remaining 5% will be recycled or sent for energy recovery.

Paul Hindle, Sales Director for Close Brothers Asset Finance’s Recycling division: “We have a great track record with Biowise, having worked with them since 2014 when we funded their first GICOM (composting system manufacturer) IVC, followed in 2016 by an addition to the plant in the form of an aerated floor system (AFS).

“Our close relationship and mutual understanding led us to go the extra mile to support Biowise and resulted in us funding both the IVC and AFS in a five-year deal, with the site completed in February 2020 and handed over to Cheshire East Borough Council.”

According to Paul, the deal was out of the ordinary because it took two years to complete because of its complexity and the number of stakeholders involved.

“A typical asset finance deal will normally complete relatively quickly, but it wasn’t the case this time. Having now agreed a process, we have a template in place and look forward to assisting Biowise in delivering their next major project.”

James Landau, Managing Director of Biowise: “There were a number of key players in this deal, with Close Brothers Asset Finance being one. Not only do they understand our market but they bring expertise to the table that extends beyond the funding and, as always, I found working with them straightforward.

“I’m delighted to say the new facility is already processing 45,000 tonnes per annum of organic waste brought in from the Cheshire East area and we are actively seeking additional contracts to fill the spare capacity.”