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03 October 2013

PVC Recycling secures £500k from The North West Fund for Energy & Environmental

Press Release 3rd October 2013

PVC Recycling, a leader in recycling plastic waste, has secured £500,000 investment from The North West Fund for Energy & Environmental, which is managed by 350 Investment Partners.

The Greater Manchester-based business, which was founded in 2007 by owners Ian and Joanne Murray, develops market-leading processes for recycling PVC. The recycled PVC is derived from waste materials, typically from demolished housing that has historically gone to landfill. Although this can be a complex procedure, the company is successfully mass-processing the waste so it is fit to reuse in manufacturing, while reducing the carbon footprint by 94% when compared to non-recycled PVC.

Stalybridge-based PVC Recycling 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 10 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 has allowed Ian and Joanne to significantly expand their output and establish a specialist extrusion capability to help both manufacturers and users of PVC-based products benefit from the substantial margin and environmental advantages of using recycled post-consumer material.

Ian Murray, managing director at PVC Recycling, said: "We've established a great working relationship with the team at 350 IP and the funding will allow us to get underway with our exciting growth plans. We are experiencing an increase in demand from Russia and other parts of Europe for our recycled products. The funding will enable us to reach out to those markets and take on new staff as the business continues to expand."

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.

Bakewell 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. Not only does the recycled PVC reduce our carbon footprint, it is much cheaper than virgin PVC while offering the same performance levels.

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."

 


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