RecyCoal secures millions for project
RECYCOAL has secured a £10m funding package to support its project to recover tonnes of coal from a former colliery spoil heap.
Lloyds Bank Wholesale Banking and Markets has supplied the funding which will help RecyCoal complete the project at Rossington, near Doncaster.
The scheme will see the creation of more than 70 jobs and will prepare the site for redevelopment.
RecyCoal’s finance director Steven Beaumont said: “We’ve had a relationship with Lloyds Bank for a number of years and this latest agreement is crucial to our ongoing growth. The bank has provided us with a blended package tailored to meet the specific requirements of this long-term restoration project.”
Once the coal has been recovered and the land cleared, the site is earmarked to be used for 1,200 homes.
Ryan Sorby, relationship director at the Sheffield office of Lloyds Bank Wholesale Banking and Markets, said: “RecyCoal are a highly innovative market leader that has established itself as one of the foremost regenerators of Britain’s disused mine sites.
“They represent the best of British mid-market business – firms that are able to use their innovation to capitalise on the opportunities presented to them from the UK’s legacy industries, like coal mining, and export its expertise overseas.”
Lloyds Bank was advised by a team from law firm Hill Dickinson, in Sheffield, led by partner Tim Littler.
