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New equipment financed at recycling centre – Greenology (Teeside) Ltd

The background

Greenology (Teeside) Ltd was formed in February 2020 with the aim of creating a full circle solution for end of life scrap tyres, with zero landfill.

Laura Hepburn, owner and Managing Director of Greenology (Teeside) Ltd, has been added to the Northern Power women 2020 Future List and has also been invited onto the NatWest Accelerator Program, one of only 30 businesspeople in the UK. Laura also sits on the Renewables Energy Council.

The business currently supplies to equestrian sectors, building firms  and DIY chains for playground and garden materials.

To support the growth of the  business they needed to purchase the equipment that they had previously been renting.  Laura chose to approach Close Brothers Asset Finance Area Sales Manager Paul Reynolds for a finance solution to achieve this.

A suitable agreement

Paul worked with Laura and the other directors of Greenology (Teeside) Ltd to secure funding for different pieces of equipment.

Firstly, Paul was able to agree £49,000 of funding to be used in the acquisition of brand-new equipment including a Tyre Wall Cutter, a Feed Hopper and a Bagging Plant. This equipment would sit alongside the granulation plant which is currently being installed on site.

Following this, further funding of £500,000 was agreed andthis was used to purchase a Tana Shark Shredder, a JCB and a forklift. This equipment would replace all the rentals Greenology (Teeside) Ltd previously had.

Improved cash flow

As a result of working with Close Brothers Asset Finance, Greenology (Teeside) Ltd have vastly improved their cash flow. The savings they will make by no longer having to rent vital equipment for their operation will mean they can continue to grow and expand their business further in the future.

Paul Reynolds, Area Sales Manager at Close Brothers Asset Finance commented: “It has been a great pleasure working with Laura and the team at Greenology (Teeside) Ltd. By approaching Close Brothers Asset Finance we have helped them to secure funding for new equipment as well as aiding in their plans for growth in the future. I look forward to working with Laura again in the future.”

“Paul at Close Brothers Asset Finance was very helpful and a great support. I’m very happy with the agreement we made with him and I know it will help our business grow from strength to strength.” Laura Hepburn, Owner and Managing Director of Greenology (Teeside) Ltd