A Telford recycling firm has received £1.64m of funding from Santander Corporate & Commercial, which will be used to increase the quantity of recycled materials it exports to Asian markets.
Midland firm Lovell Recycling also plans to use the funding to develop new facilities and create additional jobs.
Founder of Lovell Recycling, Ng Lovell, says there is a strong demand recycled plastic waste worldwide. Around 70 percent of the firm’s output is currently exported.
The firm is forecasting growing its revenue by 200 percent in 2014 after developing strong trade links with clients across the UK and Asia – particularly in China, Hong Kong and, recently, Malaysia – who require high-quality recycled raw materials to manufacture goods.
The firm is forecasting it will be able to handle 20,000 tonnes of recycled goods after the new funding has been implemented, up from 10,000 tonnes in 2014.
Ng Lovell, Lovell Recycling – “There is strong demand for recycled materials and Lovell Recycling is right at the centre of this growing global industry”
Santander Corporate & Commercial has also supported Lovell Recycling via its online Trade Portal solution, which offers information and guidance on overseas markets.
Ng Lovell said: “Lovell Recycling has grown very quickly, and I’m particularly delighted that the relationships in China and markets such as Malaysia are continuing to prove so valuable.
“There is strong demand for recycled materials and Lovell Recycling is right at the centre of this growing global industry.”
Sukh Nat, relationship director, Santander Corporate & Commercial, said: “This is a fast-growth business that exports 70 percent of its products abroad, and is a great UK success story.
“We’re delighted to be supporting the team at Lovell, particularly with regards to increasing its export aspirations.”