CHANGE WASTE RECYCLING LIMITED
🌳Matureactive
SC244949 · ltd · incorporated 2003-03-03
Investment thesis
Well-run mature business — low negotiation leverage; premium likely.
Why interesting: Textbook target; clean filings, stable trading.
Why risky: No pressure on seller; any deal likely at full price.
Opportunity decay
hardening · 12-months
Already tight — no obvious softening catalysts on the horizon.
- · Thesis: well-run, low negotiation leverage
🔒Estimated value
—
Upgrade to see
Turnover
—
not disclosed
Net worth
—
book net assets
Opportunity
77/100
Strong
What this business does
Primary activity: SIC 38320
Sector: Water supply & waste
Investor take
PursueActive trading company with a 86-year-old founder — textbook succession opportunity.
Opportunity 77/100 (strong), bankability 77/100. Strong seller-intent signal (73/100, director aged 86). Share purchase looks the cleaner deal structure. Biggest value-creation lever: Consolidate lender relationships. 4 distinct lenders creates friction — refinance into single-lender structure for cleaner diligence. Most likely exit: share sale to pe / searcher (65/100).
🏦
Refinance opportunity
5 live charges · 4 lenders · oldest 18.3y
35/100
too messy
Refinance path is blocked by complexity. Rethink structure or expect bespoke, expensive terms.
- · Oldest live charge is 18.3 years old — likely at or near maturity.
- · 4 lenders named — inter-creditor friction likely.
- · Legal-friction score 25/100 — workable, but lender will want more DD.
Data confidence
Overall: medium (58/100)Adequate coverage. AI outputs are reliable for the sections scored high; verify the rest in diligence.
Company profile
address, 1 SIC codes, incorporation date
100
Financials
No iXBRL financials extracted
0
Lenders & charges
5 charges (5/5 with lender, 5/5 with type)
90
Directors & officers
14 officers (6 active, 14 linked, 11 with DOB)
86
Ownership & PSC
1 active PSC(s) of 2 total, 2 with control declared
90
Director network
4 connected companies via shared directors
57
Filing history
99 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
Opportunity Score
77/100Strong
PassWatchWorth a lookStrongExceptional
Solid opportunity signal. Worth a dedicated memo and management meeting.
Business quality
70
Active, clean filings, stable charge profile.
Acquirability
70
Strong succession / seller-readiness signals.
Risk profile
77
Few red flags.
Signal strength
100
Good data coverage for analysis.
Recent activity
Last 30 days
0
filings
Last 90 days
1
filing
- • 1 confirmation-statement
Last 180 days
2
filings
- • 1 confirmation-statement
- • 1 accounts
Counts from Companies House filing history.
Corporate timeline (54 events)Click to expand
- 2025-12-22📄accounts-with-accounts-type-smallaccounts · AA
- 2024-12-23📄accounts-with-accounts-type-smallaccounts · AA
- 2024-10-10📄mortgage-satisfy-charge-fullmortgage · MR04
- 2024-10-10🔓Charge satisfied #5
- 2024-04-19📄capital-allotment-sharescapital · SH01
- 2024-04-18📄capital-alter-shares-subdivisioncapital · SH02
- 2024-04-17📄memorandum-articlesincorporation · MA
- 2024-04-15📄resolutionresolution · RESOLUTIONS
- 2024-04-11📄capital-variation-of-rights-attached-to-sharescapital · SH10
- 2024-04-11📄capital-name-of-class-of-sharescapital · SH08
- 2024-04-10📄appoint-person-director-company-with-name-dateofficers · AP01
- 2024-04-10📄appoint-person-director-company-with-name-dateofficers · AP01
- 2024-03-21➕ASHER, Karen appointeddirector
- 2024-03-21➕MCCONNELL, Michael appointeddirector
- 2023-12-21📄accounts-with-accounts-type-smallaccounts · AA
- 2023-05-15📄change-person-director-company-with-change-dateofficers · CH01
- 2023-05-15📄resolutionresolution · RESOLUTIONS
- 2023-05-10✏️certificate-change-of-name-companychange-of-name · CERTNM
- 2023-05-03📄appoint-person-director-company-with-name-dateofficers · AP01
- 2023-04-26➕PERRY, Ian appointeddirector
- 2023-03-16📄memorandum-articlesincorporation · MA
- 2023-03-13📄capital-return-purchase-own-sharescapital · SH03
- 2023-03-06📄capital-cancellation-sharescapital · SH06
- 2023-02-17📄resolutionresolution · RESOLUTIONS
- 2023-02-17📄change-to-a-person-with-significant-controlpersons-with-significant-control · PSC04
- 2023-02-10➖PERRY, Ian resigneddirector
- 2023-02-10➖REDVERS, Derek resigneddirector
- 2023-02-10🔒Charge registered #5Lender: Forbes Connor
- 2022-09-21🔓Charge satisfied #4
- 2022-09-21🔓Charge satisfied #3
- 2019-01-18➕ASHER, Karen appointedsecretary
- 2019-01-18➖BRAY, Teresa Alison resignedsecretary
- 2018-11-09➖BRAY, Teresa Alison resigneddirector
- 2018-11-09➕REDVERS, Derek appointeddirector
- 2017-07-28➕CONNOR, Forbes John appointeddirector
- 2017-07-28➕SPEIRS, Andrew Miller appointeddirector
- 2017-07-28🔒Charge registered #4Lender: Forbes Connor
- 2017-07-28🔒Charge registered #3Lender: Changeworks Resources for Life
- 2017-05-18🔓Charge satisfied #2
- 2014-11-26➖SWEATMAN, Michael Paul Leigh resigneddirector
- 2010-07-14🔓Charge satisfied #1
- 2010-07-06🔒Charge registered #2Lender: Social Investment Scotland
- 2010-03-25➕SWEATMAN, Michael Paul Leigh appointeddirector
- 2008-02-26➕BRAY, Teresa Alison appointedsecretary
- 2008-02-26➖LEE, Simon Jonathan resignedsecretary
- 2008-02-26➕BRAY, Teresa Alison appointeddirector
- 2008-02-26➖LEE, Simon Jonathan resigneddirector
- 2008-01-17🔒Charge registered #1Lender: Sis (Futurebuilders) Limited
- 2007-02-22➖YOUNG, Keith John Martin resigneddirector
- 2006-02-24➕YOUNG, Keith John Martin appointeddirector
Showing most recent 50 of 54 events
Owner dependency
55/100
Moderate — manageable with handoverSome founder dependency, but not acute. A structured handover period should cover most risk.
FACTORS
- -5 active directors: Broader management team in place — suggests transferable governance.
- +Founder age: Director aged approximately 86 — succession pressure is live.
Succession & seller-readiness
60/100
Strong succession signalMultiple signals suggest succession is on the horizon. Candidate for proactive outreach.
SIGNALS
- primaryFounder aged 70+: Senior director is approximately 86 years old. Natural succession window is now.
Red flags
1 med ·Charge satisfaction-then-recreation pattern
mediumMultiple instances where a charge was satisfied and a new charge created within 6 months. Suggests active refinancing cycle.
Shareholders & ownership
1 active beneficial owner · dominant holder ≥75%| Name | Shares | Voting rights | Nature of control | Notified |
|---|---|---|---|---|
Mr Forbes John Connor Individual · British · DOB 04/1977 · age 49 | 75–100% | 75–100% | 75-100% shares · 75-100% voting | 28/07/2017 |
1 historic (ceased) PSC
- Ms Teresa Alison Brayceased 09/11/2018· significant influence
From Companies House Persons with Significant Control filings. Share ranges are banded per the public PSC regime.
🔒Co-director network graph
Radial SVG graph showing every company connected via shared directors, colour-coded by status.
Available from the Pro tier upwards.
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| DALTON DEMOLITION RECYCLING LIMITED→ SC295249 · est 2006 · no financials extracted | — | — | — | — | 20y | — | — |
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Peers ranked by estimated value, then turnover, then opportunity score.See all →
🔒Tailored diligence questions
7 specific questions generated from this company's actual signals — liquidity, leverage, director age, charge count, red flags, age-of-company.
Available from the Pro tier upwards.
See pricing →🔒Advanced scoring suite
Exit-route ranking, improvement thesis, quiet-distress detector, covenant-pressure proxy, extraction monitor, approaching triggers, ownership drift, local cluster, value trap, debt capacity, archetype classification — 48+ scoring modules.
Available from the Pro tier upwards.
See pricing →Company details
Statusactive
Typeltd
Incorporated2003-03-03
Jurisdictionscotland
Primary SIC38320 — SIC 38320
Registered office
36 Newhaven Road
Edinburgh
EH6 5PY
Filing status
Accounts
Next due: 2026-12-31
Last made up to: 2025-03-31
Confirmation statement
Next due: 2027-03-17
Last: 2026-03-03
Officers (6 active · 8 resigned)
Active
ASHER, Karen→
Activedirector · ~39y · appointed 2024-03-21
View their other companies + combined net worth →
CONNOR, Forbes John→
Activedirector · ~49y · appointed 2017-07-28
View their other companies + combined net worth →
MCCONNELL, Michael→
Activedirector · ~49y · appointed 2024-03-21
View their other companies + combined net worth →
Active
SPEIRS, Andrew Miller→
Activedirector · ~86y · appointed 2017-07-28
View their other companies + combined net worth →
BRAY, Teresa Alison→
Resignedsecretary · appointed 2008-02-26 · resigned 2019-01-18
LEE, Simon Jonathan→
Resignedsecretary · appointed 2003-03-03 · resigned 2008-02-26
BRAY, Teresa Alison→
Resigneddirector · ~65y · appointed 2008-02-26 · resigned 2018-11-09
LEE, Simon Jonathan→
Resigneddirector · ~66y · appointed 2003-03-03 · resigned 2008-02-26
PERRY, Ian→
Resigneddirector · ~75y · appointed 2003-03-03 · resigned 2023-02-10
REDVERS, Derek→
Resigneddirector · ~52y · appointed 2018-11-09 · resigned 2023-02-10
SWEATMAN, Michael Paul Leigh→
Resigneddirector · ~70y · appointed 2010-03-25 · resigned 2014-11-26
YOUNG, Keith John Martin→
Resigneddirector · ~81y · appointed 2006-02-24 · resigned 2007-02-22
Click a director name to see their full track record across all companies.
Mortgages & charges
5
Total charges
0
Outstanding
0
Active lenders
Status:Lender:5 of 5 shown
| Type | Properties | |||||
|---|---|---|---|---|---|---|
| satisfied | Forbes Connor | A registered charge | — | 10/02/2023 | 10/10/2024 | |
| satisfied | Forbes Connor | A registered charge | — | 28/07/2017 | 21/09/2022 | |
| satisfied | Changeworks Resources for Life | A registered charge | — | 28/07/2017 | 21/09/2022 | |
| satisfied | Social Investment Scotland | Floating charge | 1 property | 06/07/2010 | 18/05/2017 | |
| satisfied | Sis (Futurebuilders) Sis (Futurebuilders) Limited | Bond & floating charge | 1 property | 17/01/2008 | 14/07/2010 |
Recent filings (99 total)
confirmation-statement-with-no-updates
confirmation-statement · CS01
2026-03-09
accounts-with-accounts-type-small
accounts · AA
2025-12-22
confirmation-statement-with-updates
confirmation-statement · CS01
2025-03-12
accounts-with-accounts-type-small
accounts · AA
2024-12-23
mortgage-satisfy-charge-full
mortgage · MR04
2024-10-10
capital-allotment-shares
capital · SH01
2024-04-19
capital-alter-shares-subdivision
capital · SH02
2024-04-18
memorandum-articles
incorporation · MA
2024-04-17
resolution
resolution · RESOLUTIONS
2024-04-15
capital-variation-of-rights-attached-to-shares
capital · SH10
2024-04-11
capital-name-of-class-of-shares
capital · SH08
2024-04-11
appoint-person-director-company-with-name-date
officers · AP01
2024-04-10
appoint-person-director-company-with-name-date
officers · AP01
2024-04-10
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-03-13
accounts-with-accounts-type-small
accounts · AA
2023-12-21