The Greater Manchester-based business, which was founded in 2007 by owners Ian and Joanne Murray, recycles PVC from waste materials, typically from demolished housing that has historically gone to landfill. The company is successfully mass-processing the waste so it is fit to reuse in manufacturing.
PVC Recycling said it will use the funding to expand current activity, with plans to develop more satellite depots across the UK and increase exports to Europe. The funding will also accelerate growth with plans to increase staff by ten people, nearly doubling headcount, in the next 12 months.
The investment was provided by The North West Fund for Energy & Environmental, which is financed jointly by the European Investment Bank and the European Regional Development Fund. It will allow the company to “significantly” expand its output, it said.
Michael Bakewell, investment director at 350 IP, which manages The North West Fund for Energy & Environmental, will join the board of the company as a non-executive director.
He said, ’This is an exciting new investment for us and we can see the huge opportunities in the recycled PVC market in the UK and internationally.
‘The company has spotted a huge gap in the European and wider global market, especially following the uptick in availability of the product. We look forward to working with the company as it enters a crucial stage of growth.’
The North West Fund for Energy & Environmental is managed by 350 Investment Partners. Established in 2006, it also advises the Carbon Trust on its clean energy venture capital investment activities.
The North West Fund is an evergreen investment fund established to provide debt and equity funding – from £50,000 to £2m – to small and medium sized enterprises based in, or relocating to, the North West of England. It seeks to address an identified gap in the lending, venture capital and private equity markets. It is one of the largest public sector funds of its kind in Europe and the largest in the UK.
The North West Fund is financed by the European Regional Development Fund (ERDF) and the European Investment Bank (EIB) under the European Commission’s Joint European Resources for Micro to Medium Enterprises Initiative – otherwise known as the JEREMIE programme.
The North West Fund is the umbrella name for the six funds that are available to businesses in the form of debt, equity and quasi-equity. These funds are managed by five fund managers under contract with North West Business Finance Limited (NWBF), which has been established to oversee the delivery of The North West Fund. Initially, £150m has been allocated to the fund managers, as outlined, with a further £5m to be allocated in time.
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