Redeem Holdings Ltd, a leading European provider of mobile recycling services, is setting its sights on further international expansion in Europe and the Middle East, after securing a substantial funding package from Bank of Scotland, refinancing a previous funding arrangement.
The bank has provided Redeem with a £7 million long-term funding facility which will be utilised to grow the business in new international markets with key locations including Germany and Dubai, alongside early stage opportunities in Canada.
Established in 1999 and based in Bathgate, West Lothian, Redeem provides global mobile network operators with large scale recycling programmes for mobile devices and other electronic equipment.
Redeem acquired a competitor, EazyFone, trading as Envirofone, in 2014 followed by a separate deal to buy Spanish-based Eco Mobile and Insitu Moviles SL in the same year, supported by Bank of Scotland.
The business currently has a turnover of approximately £54 million generated across the UK and continental Europe and has also been featured as part of the latest Sunday Times list of the top 200 international fast track businesses.
Chief Financial Officer for Redeem, Oliver Tedcastle, says: “We have been growing our international presence for some time now in Europe after establishing the business here in the UK.
“This facility will allow the business to make significant progress in new markets while at the same time maintaining a focus on our core UK market where we continue to see plenty of opportunities for organic growth.”
Andrew Sloan, relationship director at Bank of Scotland, comments: “With only 10 per cent of mobile handsets currently being recycled each year, the demand for Redeem’s services is likely to continue growing substantially as the introduction of the latest gadget or mobile device encourages people to upgrade their technology more frequently.
“This trend is reflected in the business’ recent acquisitions and international growth achieved by its highly motivated management team and we are pleased to be able to offer further support through what will be an exciting time for the business.”