Case study

Purchasing game-changing machinery with Asset Finance


When waste management company UKR opened the newest and only industrial tyre recycling centre in Central Scotland, Director David Ashurst turned to the brokerage team at Channel Finance to help them find a new funding partner that could help the business meet its ambitions.

UKR specialises in shredding used tyres to reduce waste going to landfill and has plans to recycle almost all of Scotland’s tyre arisings and will ultimately use environmentally friendly processes such as cryogenics to provide a full circular recovery process, producing rubber crumb, metal and fibre, allowing Scotland to process all its own scrap tyre waste rather than having it shipped across the border to England or overseas.

With their eyes set on a game-changing new machine that would allow them to partially strip the metal out of tyres and cut the rubber into small chunks which can be sold abroad as a source of alternative fuel, UKR needed the right funding to prevent the high upfront costs from causing a detrimental dent in their cashflow.

Channel Finance firstly introduced the business to a few different lenders but none of them seemed to be able to provide exactly what David was looking for: “We knew what we were looking for in a funding partner – they needed to understand the business and what success looked like to us. We knew what we needed and didn’t want to end up being shoehorned into a funding line that wasn’t right for us”.

In the meantime, Channel Finance decided to expand its panel of lenders and registered as an Ultimate Introducer. With the new partnership set up, Senior Regional Director Euan Bell met with the brokerage and within only three days managed to provide a fully approved funding offer which gave UKR the confidence to go ahead the order for the machine straight away knowing they had found their funding partner of choice.

Michael Savage, founder and Group CEO of Channel Finance says, “Working with Euan and the team at Ultimate Finance has been a breath of fresh air, they have been able to look into the intricacy of deals we have had and visit the client to secure a positive outcome for all. We look forward to building a key partnership with Euan! It’s the personal touch that counts and Ultimate Finance certainly go beyond to ensure customer and broker satisfaction!”

Euan Bell adds, “I’m delighted to have been able to work with Channel Finance in supporting such an innovative company. At Ultimate Finance we believe in tailoring the right funding solution for each business and it’s great to have met UKR’s expectations. I’m confident that with this new machine they’ll be able to meet all of their growth ambitions and I look forward to working with Channel Finance to support more clients keep their business moving.


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