Member Article

£12m investment boost for pioneering wood manufacturer headed up by Nick Clegg's brother

London-headquartered Accsys Technologies is to forge ahead with plans to develop a new plant in Hull and expand one of its existing facilities in Europe following an eight-figure investment from BGF Quoted.

The investment firm, which is part of the British Growth Fund, has provided £12m of funding alongside BP and Irish MDF producer Medite, to support Accsys’ ‘ambitious growth plans’ which include a new wood chip manufacturing plant in Hull and planned expansion at the firm’s Amsterdam plant. Henderson Volantis and RBS are also supporting the new venture.

The new plant in Hull, which will be operated by the manufacturer in partnership with BP and Medite, is set to be the world’s first plant to produce specialised MDF panels from Accsys’ patented ‘acetylation’ process.

Originally spin out of Queen Mary University of London, the firm’s process transforms soft wood into strong, rot-proof material that the firm claims can match tropical hardwood in terms of durability.

Elsewhere, Accsys’ plant in Arnhem, Netherlands is to undergo significant expansion to meet growing demand for Accsys products across the continent, where group sales have risen 10% in just under a year, with capacity set to double to around 80,000 cubic meters.

Following the investment, Paul Clegg, brother of former Deputy Prime Minister, Nick Clegg and Accsys Technologies Chief Executive, commented: “We are delighted to be moving forward with these two transformational projects to secure new manufacturing capacity for Tricoya wood elements and additional capacity for Accoya solid wood.

“These developments will allow us to take advantage of the growing market opportunity for both Tricoya and Accoya which we believe to be substantial with demand continuing to grow for both products.”

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