PlasRecycle Closes £3.8m through ENVESTORS
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. Previous investors included, Angels, Ironbridge Capital, £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.