A North-east organic waste management company has secured a £2.2 million investment from the Business Growth Fund (BGF) to fuel its Central Belt expansion.
New-Deer based Keenan Recycling opened a base at Linlithgow in August and has invested £700,000 in a fleet of six lorries to roll out its collection service to customers in Edinburgh and Glasgow.
This investment will allow us to speed up our expansion and help even more customers to reduce the cost of dealing with their wasteGrant Keenan Keenan Recycling
The BGF investment will trigger further expansion in the Central Belt, where the firm is already collecting food waste from more than 600 clients and is set to reach 1,000 businesses within the coming month.
Family-owned Keenan’s managing director Grant Keenan said: “We’ve seen our number of clients more than triple from 600 to in excess of 2,000 since the Scottish Government introduced its waste regulations in January 2014, which means that all local councils have to collect food waste and all businesses that produce more than 50kg a week can’t send their leftover food to landfill sites.
“More than one million people already benefit from our services and so we’re excited to be able to bring the same opportunities to clients in the Central Belt too.
“This investment will allow us to speed up our expansion and help even more customers to reduce the cost of dealing with their waste.”
The firm launched its commercial food waste collection service in Aberdeen and Aberdeenshire in 2010 and now processes more than 60,000 tonnes of waste annually, turning it into BSI-accredited compost.
Keenan, with a 14-acre facility at New Deer, has won awards for recycling food, garden and other organic waste into compost for agricultural and horticultural use, reducing the need to use chemical fertilisers.
BGF, the independent company providing growth capital for small and mid-sized businesses, will take a minority equity stake in the firm and a seat on the board.