Plastic recycling company i-plas has secured a follow-on investment of £2.5 million from venture capitalist Foresight Group.

Plastic recycling company i-plas has secured a follow-on investment of £2.5 million from venture capitalist Foresight Group.

Grahame Hall, i-plas’ chief executive, says: ‘We’ll use most of the Foresight money to invest in new equipment and expand our capacity as the market grows and demand for our products increases.’

West Yorkshire-based i-plas converts mixed plastic waste into building products including bollards and fencing, as well as street furniture. The company was established in 1999 and received its first investment from Foresight in 2008.

The company’s management aims to increase its turnover from £4 million to £15 million over the next four years.

Foresight invests in environmental infrastructure companies across sectors including recycling and solar power in Europe and the UK. The firm currently manages around £200 million across its eight funds, including enterprise investment schemes and VCTs.