Green agenda for Charles Lawrence Group
A Newark-based tyre recycling group is aiming to become more sustainable during its 50th anniversary year after securing a finance package from Lloyds TSB Commercial.
Charles Lawrence Group said it will use the cash boost to buy processing equipment and renew its existing working capital facilities.
The company recycles commercial vehicle tyres to make rubber granules, which is turned into surfaces for children's play areas.
In its 50-year history, the company has recycled more than six million commercial vehicle tyres and delivered an increased net profit of 27 per cent over the last five years.
The undisclosed funding agreement has also allowed Charles Lawrence Group – which expects to turnover £12m this year - to invest in machinery to improve its steel recycling.
Richard Hills, finance director at Charles Lawrence Group, said: “The move towards recycling came from recognising the need for a better quality, lower cost rubber granulate.
"Having become leaders in play and sports surfacing, we discovered that there was a huge demand for the product but the supply was not there. It was a logical step to invest in the technology to produce the product ourselves."
