Industrial services and waste management firm, Harpers Environmental, has secured £2 million of funding from Independent Growth Finance (IGF). This invoice discounting facility is central to the company’s refinance for growth.
The company focuses on the extraction, treatment and appropriate disposal of waste, based out of two sites in York and Teesside. It serves clients across a range of critical sectors including food processing, manufacturing, petrochemicals and utilities. Clients include Yorkshire Water, Karro Foods, Sabic/lndaver and Biffa.
Finance in a fluid environment
Harpers Environmental is supporting essential services and infrastructure during the current crisis. The work undertaken by the company is a key part of ensuring that food supply chains are maintained, water treatment processes continue without Interruption, and that waste continues to be handled and disposed of in an environmentally compliant way.
The Covid-19 backdrop has inevitably resulted in a more fluid trading environment and in some rebalancing of activity across regions and industry sectors, which the company has rapidly reacted to, ensuring that labour, vehicles and machinery are in the right place at the right time to meet client requirements.
A partnership built on a genuine relationship
For the family-owned business, finding the right partner was essential. The invoice discounting facility provided by IGF is flexible enough to allow the business the headroom needed for the next stage of its growth.
Jonathan Marlow, Executive Director of Harpers Environmental, explains “In IGF we saw a similarly entrepreneurial, pragmatic and agile partner which fits perfectly with the direction of our business. The whole team at IGF has been superb and has moved at pace to complete the transaction, notwithstanding the challenges of the Covid-19 backdrop, and this will support our growth over the next five years.”
Confidence of delivery
Jeff Greenfield, ABL Director at IGF, added “We are delighted to support the team at Harpers Environmental as they continue on their growth path. We took the time to understand the business so that there was no variance from indication of terms to the final offer. Despite the logistics challenged presented by Covid-19 we were pleased to complete this deal ahead of schedule.”
IGF commit to a speedy turnaround for an indicative offer to businesses, with the entire credit committee reviewing and committing to the indicative offer. This provides businesses with the confidence of delivery, in spite of the current climate.
Jonathan Marlow explains, “From the initial conversation six weeks ago to signing, IGF has been consistent and unwavering in its delivery of the transaction. Clearly any credit decision is that bit more challenging in the current environment and so deliverability is paramount from the company’s perspective.”