Sustainable manufacturer bags funding package from London's fintech ThinCats
A growth funding facility for sustainable manufacturer Plastecowood has been completed with London’s fintech lender, ThinCats.
Based in Bodelwyddan, North Wales, Plastecowood turns recycled plastic into ‘Smartawood’, a range of plastic profiles made from recycled plastic as an ecological alternative to wood.
Plastecowood’s team takes plastic waste from household collections, and reprocesses the plastic to produce long-lasting plastic lumber - Smartawood.
Paul Segal, commercial director at Plastecowood, said: “The drive to recycle in the UK has taken a long time to gain traction, especially within the manufacturing industry.
“Plastecowood offers a unique proposition using low grade recycled plastic that would otherwise be destined for landfill and our customers are recognising the benefits of the product - no maintenance, long-life, extremely robust…
“Our product proves that there is a sustainable solution to our plastic waste problem within the UK and that it’s cost effective. We need to see more companies endorsing these innovative solutions that will put the UK at the forefront of sustainable economics.
“That’s why it was great to work with the team at ThinCats who saw our company’s potential and were proactive and flexible about providing financial facilities that suit our growing business model.”
Paul Segal, the commercial director, has looked at the company’s next stage of development, following the need to increase manufacturing capacity and reduce borrowing costs.
He approached ThinCats directly, which, after liaising closely with the Plastecowood team, funded a growth facility that will enable Plastecowood to boost its production rate.
John Brooks, director of regional business development for London and the South West at ThinCats, concluded: “Right from the start, we could see the potential impact of this product upon the wider market.
“You have to invest to make change, and at ThinCats we believe that it’s important companies like these get the funding they need to grow and shape the future of business within the UK.”
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