Lloyds Bank’s Trade and Working Capital team has provided £3.5million to Hydrodec (UK) Limited, a leading recycler of waste oil.
The multi-million invoice finance package is an important step in delivering the cash flow required for the business to maintain its development.
The AIM listed, London based firm collects used oil from businesses and processes it back into a cleaner, useable product which is predominately supplied to the power industry.
Hydrodec UK was established two years ago as a subsidiary of Hydrodec Group, when the firm acquired OSS, Britain’s largest processor of used lubricant oil and seller of processed fuel oil. In April this year the business also acquired Eco Oil, a leading counterpart in the industry, with OSS.
Chris Ellis at Hydrodec UKsaid: “2015 has been a significant year for Hydrodec. Following on from our recent acquisition of Eco Oil, we are establishing the platform to make ourselves the preeminent clean-tech oil re-refining business in the UK. This financial package from Lloyds Bank enables us to maintain this momentum for the rest of the year and beyond.”
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Chris Coleman, Business Development Director at Lloyds Bank Commercial Finance, commented: “Hydrodec provides an eco-friendly product, which can really play a role in delivering the oil sustainability that we need. The business is a market leader in its field, and the firm continues to grow while maintaining the ambition and drive that got them to the top.
“We were eager to provide our support to a firm that has such a promising future. With this financial package, we’re confident that they can continue their development in the years ahead.”
Paul Williams, Relationship Director Lloyds Bank Commercial, added: “This working capital facility will provide the business with the cash flow it needs to continue what it does best – lead the UK’s oil recycling sector.”