Liverpool-based plastics recycler Centriforce has been taken over by its management team.
Led by managing director Simon Carroll and finance director Mark Lloyd, who have both invested in the company, the management buyout was completed with the assistance of Merseyside Special Investment Fund (MSIF).
Simon Carroll said: “We felt now was the right time to prepare the company for the next phase of its growth and have a number of exciting plans for product development and investment.
“Centriforce is a long established Merseyside company and a significant local employer. It was important for us to take the time to find the right partner to work with. MSIF’s local presence, investment approach and ability to actively support our growth plans gives us confidence that they can help the company to continue to prosper over the coming years.”
MSIF investment director Mark Borzomato added: “The recycling industry is known for being a tough business but has grown significantly with increased awareness of environmental issues, advances in how waste can be manufactured into quality products and rising landfill costs.
“We believe the growth potential for the business is substantial and we look forward to being a part of the next phase in the company’s development.”
Centriforce turns plastic waste into products such as furniture and fencing.