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BGF Leeds team completes £6.7m investment in Total Recycling Services

BGF (Business Growth Fund) has backed Darlington-based Total Recycling Services (TRS) with a £6.7m growth capital investment.

The deal was led by BGF’s Leeds office, which predominantly covers Yorkshire and the North East. The investment follows a busy year for the Leeds team in 2015 in which it made four new investments, partially exited York Mailing following a management buy-out backed by Pricoa Capital, and provided further funding to portfolio companies including VTL and Springfield.

TRS provides complete recycling and waste management services for industrial and commercial customers, including hazardous waste recovery, commercial recycling and industrial services. Operating from its two sites in Teesside, all services are carried out in-house enabling TRS to provide a high-level of flexibility, responsiveness and control around customers’ recycling and waste management requirements.

The six-year old business, which generated turnover of more than £14m in 2014, is led by Managing Director, Alex Foreman. During this time, TRS has built a strong asset base including its own permitted hazardous waste recovery facility operated under ISO accredited systems, a fleet of 26 owned specialist wagons, tankers and jetting units.

More recently, it expanded its commercial recycling operations through the acquisition of Foreman Recycling, now fully consolidated into TRS’s existing operations. BGF’s investment will be used to accelerate organic growth and to explore opportunities to further expand its operating facilities and equipment.

Ross Smith has been appointed by TRS as non-executive chairman following an introduction made by BGF and will work with management in developing and executing their longer-term growth plans. Ross is currently Non-Executive Chairman of BGF-backed J&B Recycling, also based in Teesside.

Alex Foreman, managing director, TRS said: “After six years building a stable customer base and investing in equipment and facilities, we are now in a position to scale-up our operations.

“Keeping control of the business and finding an investor that would provide long-term funding was important to us. With BGF’s financial backing and Ross Smith’s experience, we are excited and confident about becoming an even bigger business.”

Barry Jackson at BGF said: “In a short space of time Alex and the team have created a profitable business of scale with solid foundations. We look to back strong management teams with clear plans for how they want to grow their business – and we’re delighted to provide financial support to TRS’s future plans.

“In terms of BGF’s investment activity nationally, the North East has been one of our strongest regions over the past 12 months. Above anything else, I think this speaks to a renewed sense confidence among small and mid-sized businesses in the region.”

The investment was led for BGF by Barry Jackson, Richard Taylor and Chris Boyes.


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