Valuation: ANYJUNK LIMITED

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AnyJunk operates a technology-enabled platform matching on-demand bulky waste collection jobs to a network of over 500 partner vehicles across the UK, earning a margin on each transaction rather than owning fleet. More than 95% of revenue comes from commercial account customers, including housing associations, councils and national retailers, providing high repeat-purchase dynamics. A small secondary revenue stream comes from in-house software development services sold to third parties.

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AnyJunk sits in the UK bulky waste collection market, a sub-segment of the broader non-hazardous waste sector worth an estimated £10–12 billion annually, with bulky and commercial clearance representing roughly £1–1.5 billion. Growth is running at an estimated 3–8% per year, driven by rising e-commerce returns, tenant turnover in rental housing, stricter landfill diversion targets and local authority outsourcing of bulky collection services.

The market is highly fragmented. At the local level it is dominated by small van operators, with only a handful of national or regional platforms. Consolidation is underway: trade buyers and private equity have been acquiring specialist waste businesses to build route density and digital capability. Notable roll-ups include Reconomy, Countrystyle and Powerday, and there is continued appetite for asset-light or tech-enabled operators that can be bolted onto logistics networks.

The outlook for the next three to five years is modestly positive, supported by regulatory tailwinds around landfill taxes and extended producer responsibility. The main structural risk is margin pressure if large waste groups build their own booking platforms, commoditising the brokerage layer. For a seller, this is a good window: acquirers are actively seeking digital capability and national coverage, but timing matters because the platform advantage may narrow as incumbents invest.

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• Clearabee – national man-and-van clearance, direct competitor on digital booking and commercial accounts (inferred)
• 1300Rubbish / JustJunk (US-style franchises) – franchise models targeting the same SME and domestic segments (inferred)
• Reconomy – large waste management platform with bulky collection capability through acquisitions (inferred)
• Hippo Waste – skip bag alternative competing for the same household and trade jobs (inferred)
• Local council bulky collections – subsidised municipal services competing on price for domestic customers (inferred)

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Reconstructed profit and loss, GBP, figures marked (est.) are derived

• EBITDA
• Additional gross profit
• Cost of sales to total revenue

£18.3m

£3m

£20.4m

£3.3m

£23m

£4m

FY2023 (est.)

GP £5.2m · EBITDA £3m

FY2024 (est.)

GP £5.8m · EBITDA £3.3m

FY2025 (est.)

GP £6.6m · EBITDA £4m

Basis: Revenue and gross profit for FY2025 and FY2024 are taken directly from the full statutory accounts filed June 2026. FY2023 revenue and gross profit are inferred from the prior-year comparative in the FY2024 accounts. EBITDA is estimated by adding back depreciation (£23k) and amortisation (£150k) to operating profit (£3,969k) for FY2025, giving approximately £4.14m; for FY2024 the same method yields approximately £3.38m. Headcount is not disclosed in the filings.

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The business carries modest debt: bank and other borrowings total approximately £700k (£88k short-term, £611k long-term), offset by cash of £2.0m, giving a net cash position of roughly £1.3m. Enterprise value therefore sits close to equity value. Working capital is light relative to revenue, with debtors at around 70 days but creditors similarly extended, implying low normalised working capital needs. The balance sheet includes £2.1m of unlisted investments carried at cost, which a buyer would likely treat as either surplus or would revalue; if these relate to the associate mentioned in the accounts, they may form part of the operating model and require due diligence.

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Most recent filed accounts: FY2025, made up to 30 September 2025. These are less than 12 months old relative to today (August 2026), so valuation is based on the filed year without roll-forward.

EBITDA basis: Operating profit of £3,969k plus depreciation £23k plus amortisation £150k gives EBITDA of approximately £4.0m for FY2025.

Multiple rationale: UK waste services businesses typically trade at 5.0x to 7.0x EBITDA at the smaller end, with asset-light, tech-enabled platforms attracting a premium. Reconomy's acquisition spree (multiple transactions 2018–2022, multiples reported in the 6x–8x range for platform assets) provides a reference point; Clearabee was acquired in 2021 at a reported enterprise value implying a mid-single-digit EBITDA multiple (source: industry press, no public confirmation of exact figure). Given AnyJunk's recurring commercial revenue base (95%+ B2B accounts), strong EBITDA margin (~17%), double-digit revenue growth (13% YoY) and asset-light model, the applicable range is 6.0x to 8.0x.

Indicative enterprise value: £4.0m × 6.0x = £24m; £4.0m × 8.0x = £32m. Range: £24m to £32m.

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These bars are calibrated for UK SMEs and do not apply to midcap or larger businesses, where the thresholds are very different.

The metric that most limits the multiple today is gross margin, reflecting the inherent cost-of-goods structure of routing jobs to third-party operators rather than capturing the full service margin in-house.

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The single highest-return action is securing multi-year contracts with the largest accounts, because it converts implied recurring revenue into provable recurring revenue, directly addressing buyer scepticism on revenue quality.

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Recommended route: A competitive trade or PE process is the strongest path. Both buyer types are actively consolidating the UK waste and logistics-tech sectors. Running a dual-track process, inviting strategic acquirers alongside growth-equity and buy-and-build funds, would maximise competitive tension. For this owner, a trade sale likely offers the highest headline price and a clean exit within twelve months, while a PE deal could preserve the brand and offer an equity roll for a second bite. Confidentiality risk on the trade side is manageable because the most credible acquirers, such as national waste groups and logistics platforms, are not direct local competitors.

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At your size expect a structured, competitive auction run by a larger corporate finance house, with full workstream due diligence and international buyers likely on the list. Allow around nine to fifteen months from starting properly to money in the bank.

At this size, process discipline is the value driver. A well run timetable with several credible bidders reaching binding offers on the same day is what produces a premium.