£2.7m raised for PlasRecyle
UK’s first plant to recycle plastic shopping bags and films, using a high technology
process that it has developed, to produce clean plastic granulate for manufacturing bags
and other products, thus replacing virgin materials.
The Company aims to become the UK’s leading recycler of non-bottle mixed plastics ie plastic
films and rigids such as pots, tubs and trays. Drivers include the increased cost of landfill and
increased moves to recycle more waste in the UK to create a “Circular Economy”. The business
raised £12m initially to start production from investors including £6m from private equity fund
Foresight and £3.45m from the Mayor of London’s Waste & Recycling Board.
Life Cycle Analysis by the Environment Agency confirms that plastic bags are actually much
better for the environment than alternatives such as paper, cotton or biodegradable material. The
carbon footprint would be even better if the bags were recycled. One tonne of plastic recycled
saves 1.5 tonnes of carbon.
PlasRecycle’s first site is in London and has some 6.25 acres with several large industrial
buildings which allows for significant expansion. The management team has many years of
experience in recycling and plastics processing and now seeks additonal investment to increase
production and gain economies of scale.