Darlington recycling firm secures £6.7m BGF funding

Darlington recycling firm secures £6.7m BGF funding

Darlington-based Total Recycling Services (TRS) is looking to break into new markets after securing £6.7m in funding from the Business Growth Fund (BGF).

The firm, which provides recycling and waste management services, generated turnover of more than £14m in 2014 and is set to continue growing.

Its services include hazardous waste recovery, commercial recycling and industrial services and are all carried out in-house from its two sites on Teesside.

BGF’s investment will be used to accelerate organic growth and to explore opportunities to further expand its operating facilities and equipment. 

This is the fourth North East based business BGF has backed in the last 12 months and follows investments in Chemoxy, Altec Engineering and Broadband Satellite Services.

Alex Foreman, managing director of TRS, said: “After six years building a stable customer base and investing in equipment and facilities, we are now in a position to scale-up our operations.

“Keeping control of the business and finding an investor that would provide long-term funding was important to us.”

Barry Jackson at BGF added: “In a short space of time Alex and the team have created a profitable business of scale with solid foundations.

“We look to back strong management teams with clear plans for how they want to grow their business – and we’re delighted to provide financial support to TRS’s future plans.

“In terms of BGF’s investment activity nationally, the North East has been one of our strongest regions over the past 12 months.

“Above anything else, I think this speaks to a renewed sense confidence among small and mid-sized businesses in the region.”

In total, BGF has invested £50m in seven North East based businesses since 2012.