160 jobs secured at plastics firm with seven-figure funding deal
A Lincolshire producer of polymers which employs 160 people has landed a seven-figure funding package from HSBC to get it through the coronavirus crisis.
Luxus, the UK’s largest independent plastics compounder and recycler, says it will use the cash adapt to changes in its supply chain.
During the Covid-19 lockdown, Louth-based Luxus was identified by the government as a key service, as the company uses its specialist knowledge, innovation and technology to recycle existing plastic materials, such as food packaging and plastic storage containers, into new thermoplastic products. As businesses around the world have experienced disruption to their supply chains, Luxus has continued its operations, notably the production of repurposed plastics that have been used in the production of coronavirus testing kits and personal protective equipment (PPE).
Despite this, the firm had to furlough 80 members of its staff and run at around 50% of capacity. The funding deal will help secure the jobs across the firm.
Peter Atterby, managing director of Luxus, said: “We have worked in close partnership with HSBC UK for many years, and it was great to see this partnership in action with the fast turnaround of a CBILS loan when we needed it most. Whilst some banks have been criticised for a slow response at this time, this certainly wasn’t our experience. This support has allowed us to continue to deliver support products to the front line at the height of this crisis.
“I am confident that this support has placed us in a good position as we collectively look to how we address rebuilding the economy.”
Dan Wilson, relationship director for HSBC UK, added: “We’ve worked with Luxus for over fifteen years. Whilst trading in almost every market remains unsettled, we’re confident that Luxus has the relevant skills to adapt, recover and continue providing a valuable service.”