Recycling firm banks on Co-op
A FAMILY-owned Lancashire recycling business has sealed a £900,000 refinancing with the Co-operative Bank.
Blackburn-based V10 Polymers, specialises in recycling plastic waste and discarded production items into re-usable plastic granules which are sold internationally.
After nearly 30 years with Royal Bank of Scotland, the company has moved to the Co-operative Bank.
V10 Polymers was established by Brian Holt in 1968. Brian ran the business for 36 years before he was succeeded by his son David, who is the current MD.
It said its move to The Co-operative Bank was driven by the bank’s track record in renewable energy and carbon reduction projects and relationship approach.
The Manchester corporate banking centre of the bank has provided a £650,000 loan and a £250,000 overdraft facility.
V10 Polymers recently formed a ‘closed loop’ recycling scheme with Balfour Beatty Utility Solutions, to recycle waste plastic collected from Balfour Beatty’s sites throughout the UK.
It is estimated that between 150 and 200 tonnes of waste plastic could be collected annually and turned into a wide range of products for Balfour Beatty – amounting to carbon savings of between 2,000 and 2,500 tonnes across the process of manufacturing new products, through landfill avoidance and the reduced need for virgin raw materials.
David Holt, managing director of V10 Polymers Ltd, said: “This is an exciting time for our company, with the Balfour Beatty contract marking the start of our expansion.
“We decided to move our corporate banking to help us plan for future, so it was crucial to find a bank which understood our business plan and aspirations going forward.”
Steve McKeag, corporate manager at the Manchester CBC of the Bank, added: “V10 Polymers Ltd is a thriving family business, providing a unique service which provides obvious environmental benefits. We look forward to helping David and his family to achieve their business ambitions in the years to come.”
