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Largest deal to date for recycling guarantee scheme

The largest deal to date – a £1.1 million guarantee for a recycler’s construction and demolition sorting line – has been completed by residual value guarantee scheme, eQuip.

Offered through the Waste and Resources Action Programme (WRAP) the scheme helps recycling businesses lease equipment, as historically lenders have been reluctant to provide leases for new and specialist technologies.

Recycler Wastecom opened its 6.5 acre Kettering plant, able to process over 160,000 tonnes of waste per year, last November. It contained 28 pieces of equipment backed by the eQuip guarantee, and had a total finance package worth £3.6 million.

Wastecom managing director Chris Simms said: “The members of the eQuip team fully understand the growing trend of waste management, which is something more traditional lenders sometimes struggle with.”

The plant is the first stage of a three-year plan to extend the site, and planning permission has been granted to develop an additional 40, 000 sq ft.

WRAP business and finance programme manager Dr Bevis Watts said: “It is particularly satisfying that our largest single deal to date has been completed so successfully and that it is providing the basis for future growth.”

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