Recycling business cleans up with BGF investment

Recycling business cleans up with BGF investment

A Darlington-based recycling business has been backed by a £6.7m Business Growth Fund (BGF) investment which will be used to accelerate organic growth and explore opportunities to further expand its operation.

Total Recycling Services (TRS) provides recycling and waste management services for industrial and commercial customers, including hazardous waste recovery, commercial recycling and industrial services.

Operating from its two sites in Teesside the six-year old business, which generated turnover of more than £14m in 2014, is led by managing director Alex Foreman.

During this time, the company has expanded its commercial recycling operations through the acquisition of Foreman Recycling.

Now, 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 business BGF has backed in the last 12 months and follows investments in Chemoxy, Altec Engineering and Broadband Satellite Services.

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

Ross Smith, non-executive chairman of BGF-backed J&B Recycling, has been appointed by TRS as non-executive chairman following an introduction made by the BGF and will work with management in developing and executing its long-term growth plans.

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. With BGF's financial backing and Ross Smith's experience, we are excited and confident about becoming an even bigger business."

Barry Jackson at the 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."

The investment was led for BGF by Barry Jackson, Richard Taylor and Chris Boyes.

Picture credit: Total Recycling Services

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