Recycling comparison firm set for expansion after purchasing office space
A phone recycling comparison business is set for further growth after buying its Maidstone headquarters with the support of Lloyds Bank.
Kent-based Compare and Recycle has bought Sterling House on Ashford Road, where its team has been based for the last six years, thanks to a funding package from its longstanding banking partner. It now plans to rent out six of the building’s seven office spaces, spread over five floors, to existing tenants while its own team grows.
Compare and Recycle was founded in 2009 by Matthew Moreton, then an out-of-work web developer, who spotted a gap in the market and had the knowledge and time to develop a website. Predominantly focused on mobile phone recycling, the comparison site helps users to find the best price to recycle their unwanted devices and has branched out to tablets, digital cameras and smartwatches.
In the last five years the company has increased annual turnover from £200,000 to £1.5m and grown the team from two to 12. The firm’s latest recruit is a new commercial manager, and Matthew believes his business now has the premises to match its ambition.
He said: “Although the team have been working from home during lockdown, this investment has given us a real confidence boost that, when we do return to the office, we’ll have the room to grow at scale. We’re constantly looking for ways to bolster the company and the services we provide, and we expect the next 12 months to be busy with new hires and opportunities to grow. Lloyds Bank has backed us since day one and this is just the latest example of its long-term support.”
Mark Darby, relationship manager at Lloyds Bank Commercial Banking, added: “Despite being a challenging few months for businesses everywhere, Compare and Recycle has continued to target further growth.
This landmark investment, finalised in lockdown, reflects that. We will continue to be by side of firms across the South East to support them to emerge from the disruption caused by coronavirus in as strong a position as possible.”
The deal was brokered by Mortgages for Business.