Management buyout at CK Polymers
Market Rasen-based plastic recycling business CK Polymers has undertaken a shareholding restructure and agreed new working capital facilities with the Royal Bank of Scotland (RBS).
Based at Binbrook Technical Park in Market Rasen, CK Polymers distributes and manufactures recycled plastic raw materials. It has customer bases in the UK, Europe and Asia.
The recent shareholding purchase means the management team has bought out an existing shareholder, which the new owners say will provide them with autonomy for the company’s future.
The working capital funding aims to help the company expand into new markets and extend its customer base.
Shareholding funding and the increased working capital lines were provided by RBS.
Managing director of CK Polymers, Mark Whitney, said: “We are operating in a growing market. Recycling is an economically growing sector and we have seen the increase in its attractiveness and importance to businesses over our last decade of trading. It is because of this opportunity that we have sought fresh funding to build on our business model.
"The shareholding purchase allows us to take full control of the business and the working capital injection allows us to trade more efficiently and support moves into new customer markets to increase our revenue lines.”
The management of CK Polymers were advised on the shareholding restructuring by the Leicester offices of RSM Tenon and HBJ Gateley Wareing.
