- Lockdown restrictions caused a sharp income drop for the company
- Coronavirus Business Interruption Loan Scheme (CBILS) funding has enabled the business to continue to trade and retain staff
- CBILS support is in addition to £900k refinancing package agreed in 2019 when Able Waste switched to Santander UK
Able Waste, a Croydon-based waste management company, has secured a £300k CBILS loan from Santander UK. The loan has enabled the business to continue to trade and to retain staff through a challenging period of uncertainty.
The company, which was founded in 2012 and employs over 30 people, provides skip hire, waste collection and waste processing services. It was built from scratch by founder, Ilir Berisha, who wanted to make the waste disposal process more efficient, cleaner and greener. Today Able Waste can process up to 250 tonnes of waste a day and up to 90% is recycled.
Able Waste was impacted by the lockdown restrictions as the businesses it processes waste for closed and temporarily did not require its services. The CBILS funding package has enabled the business to continue trading during lockdown. The loan adds to a finance package of £900k provided by Santander UK in 2019 when Able Waste switched banks. This funding enabled the business to install new processing equipment to improve its efficiency and margins.
Ilir Berisha, Owner and Director at Able Waste, said: “The support from Santander and Craig has really helped the business develop over the years. Like many businesses, we swiftly felt the impact of lockdown. Thankfully, the support via CBILS was put in place really quickly and will allow us to trade out of this difficult period.”
Craig Carter, Relationship Director at Santander UK, commented: “Having supported Ilir and Able Waste in 2019 we already had a strong understanding of the business. They have a great track record and have been steadily growing and improving, so being able to support them through this uncertain period with CBILS funding has been a pleasure.”
Santander UK is hosting a series of free ‘Survive and Revive’ webinars for SMEs on how to bolster their business proposition. Covering a range of topics - from innovating effectively to aligning purpose and culture - our experts delve into some of the ways that businesses have adjusted, and thrived, since the outbreak of coronavirus. You can find these webinars and a list of other helpful resources here.
- Ends -
The information contained in our press releases is intended solely for journalists and should not be used by consumers to make financial decisions.
Notes to Editors
For queries about Able Waste please contact:
Follow @santanderuknews on Twitter
The Santander press office operates from 8.00am to 6.00pm. Outside of these hours please call 0800 5877708.