PHOTOGRAPH www.bel l inghamwal lace.co.nz P. +64 9 309 7851 E . info@bel l inghamwal lace.co.nz 470 Parnel l Road, Parnel l , Auckland 1052 World class, ful l service,boutique, medium enterprise business consulting If there’s one thing that the team at BellinghamWallace know, it’s that kiwi businesses don’t grow in straight lines. And the Phoenix Metal Recyclers business owned by Eldon Reeve and Hilary West-Reeve is a case in point. BellinghamWallace Director Mike Atkinson became involved with the Phoenix Metal Recyclers business in early 2017 when the business’s Directors decided to establish an Advisory Board and to review their strategic direction. Atkinson clearly remembers the beginnings of the Advisory Board where strategy and tactics were established to deliver a clear growth strategy based around planned milestones including acquisitions, improvement in operating performance, a clear focus on driving pro tability and cash ow, and a rebrand thrown in the mix. 2020. A big part of the puzzle as we grew was getting the right bank funding in place. “The BNZ had con dence in us to deliver the vision we had for the business and having switched to them in late 2020 post the rst Covid lockdown, BNZ helped us with the capital we needed to grow, funding our rst major acquisition, doubling our business overnight. Alongside us, BellinghamWallace engaged the bank and got us the result we wanted” says Executive-Director West-Reeve. Early on the Advisory Board also recognised the value of sustainability as part of the Phoenix Metal Recyclers go-to- market proposition. Joining the business full time after a successful career in Commercial Architecture, West-Reeve has proactively and strategically combined sustainability objectives into “The Advisory Board discipline structured our priorities, facilitating a focus on exactly what we had to do in an orderly manner” says Phoenix Managing Executive Director Eldon Reeve. “The Advisory Board established an accountability framework unlike anything we had experienced before, engaging us to re-evaluate our approach to the way we buy, sell, and process the metals we trade in and the recycling services we deliver. This in turn improved our e ciency, which was vital as we were a growing company both organically and via acquisition” says Reeve. It was, at this point, that it became clear that the Shareholders wanted di erent things out of the business says Atkinson, so Eldon and Hilary purchased 100% of the shareholding in the Phoenix business with guidance from the BellinghamWallace Team in late Phoenix Metal Recyclers are now established in 18 NZ locations and are working towards further locations to add to their network. Atkinson smiles when we ask the “has it been an easy process” question. “No, to be honest at times it hasn’t, and we have made some tough calls and some brave calls. Developing a clear strategy was the foundation to the journey and enabled us to have strategic conversations during the pandemic period, not reactionary. With the right moves made at the right time we are extremely proud to have played a part in creating an iconic kiwi business that is a clear leader in its sector.” As an organisation, Bellingham Wallace strives to make our clients’ businesses better and to keep them safe. The Phoenix Metal Recyclers journey is a prime example of how we can add value as a strategic business partner. Phoenix’s recycling services and operations, propelling their customers to engage in their sustainability journey too. “Our strong ESG credentials means we can play a critical role in the circular economy and decarbonisation of New Zealand’s economy” says West-Reeve. “100% of metals are recyclable, recycling metal emits 80% less CO2 than metal production from raw materials/iron ore, reducing deforestation”. Since the shareholder buyout and establishing a market leadership position in the recycling sector, the Phoenix Metal Recyclers business has gone from strength to strength, with continued organic growth and growth via acquisition of more recycling businesses around the country (including Metalman in 2021). More recently the opportunity to conduct a capital raise in the form of an equity syndication in mid-2022 means
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