Redeem Holdings, which owns mobile recycling firm Envirofone, is looking to launch a £70m stock market flotation after raising further funding.
The company which bought Envirofone in January this year, could list on the AIM stock market as early as next year.
The Falkirk-based company is majority owned by venture capitalist Trevor Bayley, who has secured £15m of new funding from UK investment company Connection Capital and US investment firm Praesidian Capital.
Speaking to Mobile, Bayley said: ‘The idea is to raise the profile of the company and additional funding. However, we haven’t decided if we will float as yet.’
Bayley said the new funding will be used to fund expansion and acquisition plans.
Redeem was launched as a mobile recycling company in the UK in the late 1990s and bought by Bayley in 2011. It provides data secure recycling services to mobile network operators, consumers, retailers and corporate clients across Europe, the Middle East, Asia and the Americas through offices in the UK, Estonia, Sweden, United Arab Emirates and Hong Kong.
The company mainly recycles mobile phones, as well as tablets, MP3 Players, satellite navigations, digital cameras, consoles, laptops, CDs, DVDs, cartridges and games.
Its clients are mobile operators, wholesalers, retailers, charities and consumers, including O2, Sainsbury’s, Breast Cancer Care and Tesco Ireland.
Redeem has followed a concerted acquisition strategy since Bayley bought the company. One of its more recent acquisitions is UK recycling company Eazyfone, which trades as Envirofone, which Redeem bought in January this year.
Eazyfone is the company’s fourth acquisition. The purchase made Redeem a major player in the UK’s £11bn mobile recycling market. The move was also part of Redeem’s wider plans to increase its processing capacity and drive into new sales channels in new markets in Europe.
Redeem also bought Madrid-based companies Eco Mobile GreenCentre and Insitu Moviles SL in May this year. The acquisitions added repair and logistics capabilities to the Redeem Group and built on its existing mobile recycling and take-back management expertise.
Bayley said the company wants to continue to expand globally. ‘We recently opened facilities in Dubai and we plan to open in Germany and North America as well,’ he added.