UK asset-based lender Burdale Financial has provided a £30 million (€36.4 million; $50.0 million) senior secured credit facility to FCC Environment UK, to meet anticipated growth from its recycling division.
The facility also aims to help the UK waste and resource management company meet seasonal working capital fluctuations, a statement released by Burdale’s parent Wells Fargo said.
FCC Environment is part of one of the world’s largest environmental services company, FCC Group. It is owned by Spanish construction company Fomento de Construcciones y Contratas.
FCC Environment UK has 200 locations across the UK and specialises in business waste solutions, recycling, green energy, waste processing and municipal services.
Wells Fargo Company bought Burdale Financial from Bank of Ireland in February 2012. At the time it had approximately $1 billion in loans outstanding from US and UK customers.
Burdale offers lending to UK companies with credit ranging between £10 million and £250 million.