Redeem sets out overseas growth plan worth £7m

Gadget recycling specialist Redeem is eyeing expansion across Europe and further afield after securing a £7 million funding package with Bank of Scotland.

Andrew Sloan from the Bank of Scotland, left, with Redeems finacial officerOliver Tedcastle Picture: Chris Watt Photography

The Bathgate firm, which last year acquired mobile phone recycler Envirofone, has operations in Dubai, Estonia, Hong Kong and Spain, and is seeking a move into other markets including Canada and Germany.

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Chief financial officer Oliver Tedcastle said: “We have been growing our international presence for some time now. This facility will allow the business to make significant progress in new markets while at the same time maintaining a focus on our core UK market where we continue to see plenty of opportunities for organic growth.”

Founded in 1999, Redeem generates sales of about £54 million. Bank of Scotland relationship director Andrew Sloan said: “With only 10 per cent of mobile handsets being recycled each year, demand for Redeem’s services is likely to continue growing.”