Clearwater International advises First Mile Ltd on refinancing for growth
Clearwater International’s debt advisory team has advised Growth Capital Partners (GCP) backed business First Mile Ltd (First Mile), provider of pay-as-you-go waste and recycling services to UK businesses, on a €4.5m (£4m) refinancing and working capital package from leading alternative finance provider for mid-sized SMEs, ThinCats.
The business was established in 2004 to revolutionise business sustainability, starting with waste and recycling, to ‘eradicate waste and make the world a greener place’. GCP provided a majority investment into the business in 2017 to accelerate growth. The company now offers a hassle-free, low impact, green energy waste collection service to over 30,000 customers, whilst also helping clients to measure their environmental impact and reduce their carbon footprint.
Clearwater International approached ThinCats for funding to support a refinance and working capital package, alongside longer-term plans to expand the existing provision. Development plans include the collection and recycling of specialist waste such as computers, data destruction, batteries and fashion, a service that has become increasingly relevant with the massively increased proportion of the workforce now working from home.