Leading waste management services provider Sweeptech, headquartered in West Sussex, has saved 34 local jobs in Ellesmere Port thanks to an eight-figure funding package from HSBC UK.
Sweeptech Environmental Services is a progressive accredited waste management business dedicated to delivering environmental and sustainability improvement. The business drives innovation in ESG and improves compliance based on its patented equipment.
Sweeptech used £1.75 million of the funding to acquire three depots from Go Plant Ltd, which went into administration earlier this year. The 34 jobs saved include operations and commercial managers, along with drivers and technicians that service the depot at Ellesmere Port.
The acquisition is part of Sweeptech’s business development strategy to deliver national 24-hour servicing for customers in infrastructure and construction, as well as airports across the country.
The wider funding from HSBC UK will support the business’ working capital requirements following the growth enabled by the acquisition.
The business is expecting to create 350 new jobs around the country by the end of 2024 as a result of the acquisition, with a revenue increase to £35 million and further projected growth to £50 million in the next 12 months.
Martin Smith, CEO at Sweeptech Environmental Services, said: “HSBC UK has been a continuous trusted partner for us, providing unwavering financial support during our relationship and again throughout this pivotal acquisition.
“The bank’s expertise and commitment has played a crucial role in our growth strategy, allowing us to save jobs and position ourselves as an industry leader.”
Graeme Alston, deputy area director at HSBC UK, added: “Over the years, our close working relationship with Sweeptech has given us a deep understanding and insight into the industry, enabling our team to provide the business with exactly the support needed to secure this transformative opportunity for growth.”
