An environmental solutions firm has almost doubled its turnover in the past year with the help of a £2 million invoice finance facility from Lloyds TSB Commercial Finance.
Hydro-Cleansing, based in Surrey, removes and processes sewage and other waste products. It also owns five of the largest CCTV vans in the South East, which use HD colour cameras to survey pipe sizes and identify blockages.
From 2012 to 2013, the company increased its turnover from £4m to £7.5m, and it is now looking to further increase this to £11.5m in 2014. It works on a range of projects for customers in several sectors, from high street shops to construction sites and local authorities.
Employing 148 staff members, the firm has hired three new directors over the past three months to manage its rapid growth into new markets. Seamus Daly will oversee the CCTV division while Peter Garston has been named confined space director overseeing the health and safety of employees entering small spaces. In addition, Paul Wood has been employed as a finance director.
Steve Hoad, managing director of Hydro-Cleansing, said: “Having an invoice finance facility has enabled the company to grow and take on new contracts while we wait for payment. It is handy to have a support structure there as it frees up our cashflow and working capital. This has been a great financial option for the company and we look forward to gaining even more large contracts in the near future.”
Bethan Wright, client manager at Lloyds TSB Commercial Finance, said: “Steve started the business in 2000 and since then it has expanded to become a major name in the environment solutions world. It is great that we have been able to help.
“We are already supporting 10,000 businesses in the UK with invoice finance, from start-ups to multinationals, and work hard to find the most suitable products to support their growth. Invoice finance can help firms access working capital tied up in unpaid invoices which can be very useful when taking on new projects or waiting for payment.”
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