Re-financing will help growth
Redeem secures £7m BoS facility to expand overseas
The long-term refinancing facility will be used to grow the business in new international markets including Germany and Dubai, alongside early stage opportunities in Canada.
Established in 1999 and based in Bathgate, West Lothian, Redeem provides global mobile network operators with large scale recycling programmes for various devices and other electronic equipment.
Redeem acquired a competitor, EazyFone, trading as Envirofone, last year, followed by the takeover of Spanish-based Eco Mobile and Insitu Moviles SL, also supported by Bank of Scotland.
The business has a turnover of £54m generated across the UK and continental Europe.
Chief financial officer, Oliver Tedcastle, said: “We have been growing our international presence for some time now in Europe after establishing the business here in the UK.
“This facility will allow the business to make significant progress in new markets while at the same time maintaining a focus on our core UK market where we continue to see plenty of opportunities for organic growth.”
Andrew Sloan, relationship director at Bank of Scotland, said: “With only 10% of mobile handsets currently being recycled each year, the demand for Redeem’s services is likely to continue growing substantially as the introduction of the latest gadget or mobile device encourages people to upgrade their technology more frequently.
“This trend is reflected in the business’ recent acquisitions and international growth achieved by its highly motivated management team and we are pleased to be able to offer further support through what will be an exciting time for the business.”
Picture: Andrew Sloan, Bank of Scotland and Oliver Tedcastle, Redeem