ECO Plastics drinks to investment
Lincolnshire-based ECO Plastics has secured a further cash boost from entrepreneur Jeremy Middleton as it prepares to expand after a deal with Coca-Cola.
Angel investor Middleton said it was second time he has provided financial support to the bottle recycling company. The latest backing brings Middleton's total investment in ECO Plastics close to the £250,000 mark.
As part of its expansion plans, ECO Plastics intends to increase its workforce by 30 to 160, after forming a joint venture with Coca-Cola Enterprises.
The Lincolnshire company said it is increasing overall processing capacity at its plant from 100,000 tonnes to 140,000 tonnes of plastic bottles per year, just under half the total collected in the UK last year. The expanded facility will be fully operational during 2012.
Middleton said: "ECO Plastics possesses the powerful commercial combination of an experienced management team allied with a strong business plan giving it the ability to deliver its expansion plans and further develop its marketplace.
"My strategy is to invest in companies that have the potential to grow, create jobs and add to an area's economic wellbeing. ECO Plastics' future plans meet all those criteria."
Jonathan Short, ECO Plastics managing director, said that Middleton's investment was part of a series of funding that would assist the company with its plans to expand.
Middleton was one of the founders of support services giant HomeServe in 1990.
