17 Apr 2013 | 04:52 pm |
Pinsent Masons has provided vendor due diligence and acted as legal advisor to Santander in connection with the provision of banking facilities totalling £15m to Reuse Glass, the UK's largest purchaser and recycler of glass.
Operating from its glass treatment plants in Knottingley, Doncaster, South Kirkby and Harlow, Reuse currently processes around 30 per cent of the UK market's requirements.
The Pinsent Masons team advising on the transaction comprised Peter Wood, Chris Watts and Phil Scott. Phil Scott said "We are very happy to have helped Santander put into place a new funding package for such a successful and fast growing business".
The new financing agreement will enable Reuse to upgrade two of its plants, in Knottingley and South Kirkby. The introduction of new hi-tech colour separating machinery will not only significantly improve efficiency, but will also increase the UK's overall production capacity for glass recycling.
Reuse was advised by Hamish Morrison and assistant director Matt Scott of BHP Corporate Finance.
Mark Wilson, CEO of Reuse Glass UK Ltd, said “We are delighted to have Santander as our banking partner...... we have achieved a funding structure that will enable the business to achieve its goals of business growth, brand development and enhanced customer service”.
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