Manchester-based plastic recycling business PVC Recycling has closed a £500,000 funding round led by 350 Investment Partners.
The deal has been made using The North West Fund for Energy & Environmental, which is managed by 350 Investment Partners.
With cash in the bank, PVC Recycling is set to build more satellite depots across the UK, increase exports to Europe and hire ten new staff.
The recycled PVC which is produced is derived from waste materials that typically come from demolished housing.
Ian Murray, managing director at PVC Recycling, comments, ‘We’ve established a great working relationship with the team at 350 Investment Partners and the funding will allow us to get underway with our exciting growth plans.
‘We are experiencing an increase in demand from 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.’
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The £20 million Energy & Environmental Fund is part of the wider £150 million North West Fund, an umbrella for six pots which are available to businesses in the form of debt, equity and quasi-equity.
Michael Bakewell, investing director at 350 Investment Partners, will be joining the company as a non-executive director as part of the deal.
‘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,’ Bakewell adds.
The company has spotted a huge gap in the European and wider global market, especially following the uptick in availability of the product.’