CBIL boost helps recycling business support green-figured gardeners in lockdown
An East Lothian recycling business has seen its online sales more than triple and has stepped up its local delivery service with the support of Bank of Scotland. It is believed that the jump in sales is partly as a result COVID-19, with more people spending time at home and in their garden.
Forth Resource Management recycles more than 100,000 tonnes of organic waste for local councils and landscapers across Scotland each year, retailing subsequent product direct to local residents, builders merchants, garden centres and farmers.
With the UK now on lockdown, the business has increased the output of its online retail offer, supported by a six-figure loan from Bank of Scotland as part of the government-backed Coronavirus Business Interruption Loan Scheme.
The funding comes as a number of Forth Resource Management’s key local authority clients have stopped their garden waste collection services and closed their local recycling centres. While the business has ultimately had to furlough a small number of its employees, the booming online delivery service – alongside the working capital injection from the bank – is expected to stand it in good stead for when normal trading resumes.
Tommy Dale, managing director at Forth Resource Management, said: “Local authority contracts have always been a key revenue pillar within our company but we’re fortunate that the nature of our business means we can adjust our focus and meet growing need elsewhere. Gardening and time spent outdoors is offering valuable respite up and down the country so it’s nice to know we’re positively contributing to keeping spirits up.
“The speed at which Bank of Scotland provided the funding has given us a great deal of confidence to trade through this challenging period and line up investment for growth in more certain times.”
Daniel Burns, relationship manager at Bank of Scotland, said: “Plotting a path against current headwinds is a challenge for almost every business at present. As such, we’re committed to being by the side of companies like Forth Resource Management – working with government to enable them to adapt their operations for the short-term.”