Waste and construction services firm NWH Group has secured a £7 million finance facility from Royal Bank of Scotland to help the business fund future acquisitions.
Following on from the purchase of the business and assets of DJ Laing’s waste management operations in Dundee for an undisclosed sum last year, the Dalkeith business said it has found itself “on a very stable financial footing.”
Since making that purchase, NWH’s business has gone from strength to strength with the firm projecting turnover to increase in its latest financial year (year ending September 30, 2016) from £22 million to £28 million, along with a significant rise in profits.
With the company’s haulage roots stretching back to 1953, providing lime-spreading services to local farmers, NWH Group shifted its focus towards waste management and construction services, to become one of the industry’s market leaders in Scotland.
The firm now employs around 240 people at its Midlothian head office and across three additional sites in Edinburgh, Glasgow and Dundee.
Since putting its banking requirements out to tender this year, NWH made the decision to carry on its banking relationship with the RBS.
Mark Williams, managing director at NWH Group, commented: “This new financing package which RBS has put in place underlines its understanding of the company and is the right solution to help support further growth and expansion of our business across Scotland.
“Following last year’s purchase of DJ Laing, we are growing our business and find ourselves on a very stable financial footing. We see opportunities on the back of recent environmental legislation to grow both organically and through further acquisitions. We are currently looking at a number of potential companies which complement our existing lines of business.”
David McIntosh, relationship director at RBS, added: “NWH has successfully traded and diversified its operations over six decades. The current financial performance underlines the strength of the existing management team and its plans.”