Green Light For Avondale

20 May 2011

Avondale Environmental is set to create one of Europe's leading waste recycling centers following a £17m funding package put together in Manchester and led by HSBC Corporate Banking

The landfill operator is developing its existing site at Falkirk, near junction 4 of the M9 motorway, into a leading edge recycling facility. It will process some 200,000 tonnes of household and commercial rubbish, vastly reducing the amount going into landfill.

Knutsford-based Derek Cooper, a director of Avondale, commented: "We've nurtured our plans over a number of years, including taking the scheme through planning, so we're obviously delighted to have reached this significant milestone."

The Manchester office of HSBC provided the funding from their corporate and asset finance teams.

Steve Sherratt, HSBC Senior Corporate Banking Manager, North West said; "We are delighted to support our long standing customer with a package which will drive the next phase of its growth. The move highlights our support for the business' investment in environmental innovation, and our confidence in the management team's ability to deliver."

The Manchester office of Grant Thornton advised Avondale throughout the funding process. Andrew Stubbs, from its corporate finance team added: "We're delighted to see the project progress; it will keep the business at the forefront of a dynamic waste management industry in the UK."

Avondale has a range of public and private sector contracts in Central and Northern Scotland and it is intended that this new facility will facilitate improved recycling rates for both domestic and commercial waste in the region.

For more information visit www.avondaleuk.com