Plastics firm has new cash

ECO Plastics in Hemswell Cliff has announced the completion of £6 million funding to finance continued expansion over the coming year.

Existing shareholders Ludgate Environmental Fund and Robeco SAM Private Equity have both participated, providing capital which will be dedicated to short-term added- value expansion opportunities.

The company's existing debt provider, Close Brothers, has committed additional working capital facilities to support growing sales revenues.

Capable of processing 150,000 tonnes of mixed plastics a year, including some 40,000 tonnes of bottle-grade rPET plastic material pellet, bosses say the site is already the largest and most sophisticated of its kind in the world.

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The funding round is the second that ECO Plastics has embarked upon within the past 18 months, following a successful £24 million raise in July 2011.

That money was used to finance ECO Plastics' Continuum joint venture with Coca-Cola Enterprises, a landmark agreement which more than doubled the UK's rPET production. In February, the company also announced a £1.5 million loan to expand its rigid plastic sorting facilities.