Recresco launching South East plant with HSBC support
Recycling company Recresco is expanding into the South East with a new glass recycling plant in Northfleet, Kent, supported by a £5.5 million finance package from HSBC.
The company is developing a state-of-the-art glass recycling centre on a three acre plot, which will be the company’s fifth UK plant. It also operates plants at Ellesmere Port, Southampton, Cwmbran and its head office of Nottingham.
Recresco will create 40 new jobs as a result of the expansion and expects the plant to help increase turnover from £18 million a year currently to over £28 million. It also forecasts the plant will drive export sales of its processed glass; exports account for a quarter of sales presently, but that is expected to increase to 50%.
The company has secured the £5.5 million finance package from HSBC’s South Devon and Cornwall Commercial team in a deal led by Senior International Commercial Manager Andy Lewis. It will use the finance to develop the processing plant, which is expected to be operational by June 2013.
The new plant will be able to process 40 tonnes of glass an hour and will clean and sort the glass, removing materials such as ceramics and paper, to produce furnace ready cullet to distribute to glass manufacturers. Clear and brown glass will remain predominantly with UK manufacturers and green glass will be exported to European glass producers.
Recresco is a family-owned and managed business that was started in 1978 by the current directors’ father, Alan. The four Gent brothers now run the company and have expanded the business significantly in recent years to take advantage of the growth in recycling. In addition to glass, the company also processes cans, plastic and Tetrapak and currently employs 120 people.
Director Tim Gent said: “This processing plant will be best in class, with 90% of what we put into the process ending up as furnace ready cullet that we can distribute to manufacturers. We learn something new from each plant we develop so the Northfleet plant is the culmination of many years’ experience and hard word.
“The South East is also a key market that we have been studying for a few years but now we feel is the right time to make the move. I’m delighted to have the backing of HSBC for this project; they have demonstrated a real and thorough understanding of our company.”
Stephen Hancock, HSBC South Devon and Cornwall Area Commercial Director, added: “Recresco is a forward-thinking, ambitious company that has consistently re-invested its profits to ensure it stays innovative and relevant. Trends in recycling change, such as the move from bottle banks to mixed recycling, but Recresco remains one step ahead.”
This was posted in Bdaily's Members' News section by HSBC .
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular morning London email for free.