Operating since 2001 in Avonmouth near Bristol, CliniPower disposes of contaminated waste with very low environmental impact, handling 8-10 tonnes of clinical and pharmaceutical waste per day. Pollutants normally associated with incineration are either destroyed or not produced, using very high heat and low oxygen.
Refinance & Working capital
The temperatures involved in the Clinipower process are incredibly high, and the result is a black powder which can be disposed of with much lower environmental impact than landfill disposal. Another by-product is steam, which the company wanted to use to power an on-site steriliser.
Clinipower needed the capital to pay off an expensive lease refinancing deal, and purchase the new steriliser as well as additional on-site spares stock. They sought non-bank financing from the outset, and were introduced to Central Union (CU) who brought the proposition to ThinCats.
Richard Martin, director at CU, said: “It seemed to us a good company: Nic is an experienced serial entrepreneur, the business is family owned, and they have sunk a lot of their own money into the firm. It gave lenders confidence that the owners have considerable skin in the game.”
We’d rather lost confidence in the banking system; the ThinCats loan has tidied everything up, and given us a leg up.