UK Firm Takes Advantage of Special Leasing Program

A Lancashire, UK, waste management company is the first to lease recycling equipment using the unique eQuip Residual Value Guarantee scheme set up by the United Kingdom’s Waste & Resources Action Programme.

Wyre Waste Management has secured a five-year operating lease with Bank of Scotland Asset Finance for aggregate crushing and screening equipment worth £220,000 (approximately US$400,000).

“The opportunity to lease this equipment came at the right time for us and really helped financially,” says Ian Drury, a partner in Wyre Waste Management.  “If the eQuip scheme had not been available, we would have had very limited financial alternatives.

 “Grants were not available and buying was not an option as we could not afford a big initial outlay of capital.  Hire purchase wouldn’t have helped us either as we would have needed a large deposit which we could not afford.”

The two pieces of equipment leased to the business were a screener and crusher supplied by Extec Screens & Crushers Limited.

Wyre Waste Management takes in construction demolition and excavation waste sourced from building sites and local authorities across the Fylde coast.  The company will use the new equipment to crush and segregate aggregates to various grades.  These aggregates will be recycled for use in construction, roadways and restoration works.  The company anticipates that the annual throughput for the two machines will be 100,000 metric tons each.

“We are delighted to announce the first leasing deal secured through the eQuip scheme,” says Tara Clair, WRAP’s investment manager.  “We have seen a great deal of interest in the scheme since its launch earlier this year.

“Historically, it has been very difficult to lease equipment in the recycling sector as banks and other lenders are often reluctant to look at technologies they are not familiar with.  The eQuip scheme makes it a lot easier. 

WRAP is a UK program established to promote resource efficiency. Its particular focus is on creating stable and efficient markets for recycled materials and products and removing the barriers to waste minimization, re-use and recycling.

The not-for-profit company is backed by substantial Government funding from DEFRA, DTI and the devolved administrations in Scotland, Wales and Northern Ireland.