A waste and skip-hire company has bought its premises with £1.8 million of funding from the bank.

Greenbox Recycling used a £640,000 commercial mortgage loan to acquire its previously rented yard in Cobbswood Industrial Estate in Ashford, where it has been operating since 2011.

The company has also been given £500,000 of funding from HSBC to buy a new fleet of lorries.

The investment represents a new start for the firm, which was fined more than £25,000 in May after being caught illegally dumping rubbish on farmland.

Richard Monks, who co-owns the business alongside Alan Hogg, said: “With HSBC’s professional advice and financial support, we have been able to buy our previously rented site and provide ourselves with a stable trading future.

“Having full ownership of our business has always been important to us and it’s great to officially own our Ashford site. This gives us a great opportunity to continue meeting our customers’ needs and stay ahead of our competitors.”

Sarah Milligan, HSBC’s area director in Kent, said: “Since the business launched it has seen rapid growth in a closely competitive sector which has particularly high industry regulations.

“Taking ownership was an important step for Greenbox to maintain the high quality services it provides to customers and ensure it continues to exceed the demanding industry standards for many years to come.”