The Magazine

	Print
	Email
	Text size
	Comment

£12 million funding for recycling plant

By Rebecca Curwin on April 30 2007

Closed Loop London, which aims to run the UK’s first waste plastic processing plant, has raised £12 million in a debt and equity deal. Its investors comprised Foresight Venture Partners, which invested £4.6 million, Chelverton Growth Trust plc and Allied Irish Bank (GB), with the latter contributing £5.5 million.

The London-based company also secured public sector funding from the London Development Agency and the Waste & Resources Action Programme.

Closed Loop will use the funding to buy a site in Dagenham and open a processing plant in December 2007. The company will recycle polyethylene terephthalate (PET) – used in plastic bottles for drinks and cosmetics – to make food packaging.

Chris Dow, managing director of Closed Loop, said: “The UK will have a world class facility for processing its plastic waste and need not export this material for reprocessing into low grade applications.”

Closed Loop made a turnover of some £128,000 and a pre-tax loss of about £234,000 for the year ended December 31, 2005. Its parent company, Visy Closed Loop, is based in Australia.

Comments [0]