Waste-recycling plant to open again
Posted on 11 Sep 2016 and read 484 times
Access Commercial Finance, based in Leeds, has provided a £2.2 million funding boost that is expected to get a mothballed waste-recycling plant fully operational by October — creating at least 30 new jobs and generating a £10 million turnover.
ACF has provided the funding to Graphite Resources at Blaydon, near Newcastle, which was bought by Catfoss last year, three years after the plant was shut down.
When it is fully functional, the plant will use autoclaves to sterilise the waste, meaning it does not have to go to landfill and can be used for other purposes, such as building or bio-fuel.
Nick King, financial director of Graphite Resources, said: “It was difficult to find the right asset finance because of the complexity of our industry, as well as the waste management process that we use. We needed a financier with a better understanding of complicated — almost niche — industries like ours, and that is what we have found with Access.
“There is a massive amount of specialist equipment needed to facilitate the process and operate the plant, so it requires a huge amount of asset finance. ACF has the specialist knowledge to understand this. When the plant eventually closed and 70 jobs were lost in 2013, it was a hard blow for the local community. When the plant is completely up and running again, it will create at least 30 jobs.”