PPF Environmental to expand with funding
A Birmingham-based plastic recycling firm said it is now on track to boost turnover to more than £1m after securing a £200,000 investment from Lloyds TSB Commercial Finance.
PPF Environmental Services cleans, processes and granulates materials which are not normally recycled, such as used plastic, upholstery from cars and baby wipes.
The product is then sold on to wholesalers which sell the materials to manufacturers to re-use and create new packaging.
Lloyds TSB Commercial Finance formed a £200,000 invoice discounting facility for the company to support its ongoing growth strategy.
PPF said it is now on track to take turnover from £100,000 to £1.2m this year, with plans to supply directly to their end customer, plastic injection firms. The company has also taken on five new employees as it embarks on its expansion plan.
Jon Myerscough, associate director of business development at Lloyds TSB Commercial Finance, said: "Paul and the team at PPF are making waves in a growing market. Increasingly, councils and businesses are recognising the need to recycle plastics.
"We worked closely with the firm to put in place a facility which will support PPF Environmental’s rapid expansion, freeing up their cash flow to invest in growth and new members of staff, whilst still having steady liquidity to cover overheads.
"The recycling sector is vital to all areas of business and PPF is a great example of a growing company thoroughly capitalising on the current market."
