The asset-based lending (ABL) facility consists of invoice, plant and machinery financing and was provided by KBC Business Capital, the ABL division of the Belgian banking group.

Backed by cleantech-focused investor Foresight Group, 2K Manufacturing will use the extra financing to invest in fixed assets.

The company, which produces industrial products from recycled plastics using a process called powder impression moulding, was advised by Field Fisher Waterhouse in the transaction. KBC received legal advice from Mills & Reeve.