Plastics manufacturer Re Pet has seen huge demand for its product that may mean it breaks £3.5 million revenues in its first year of trading.
Based in County Durham, the company was established in 2010 to recycle used PET into sheeting for packaging.
Re Pet managing director told NE Business: “We’ll break revenues of £3.5 million by the end of March from a standing start. With the new plant coming in, we’ll look to break £7 million or £8 million by March 2013.
“We’ll expand for as long as the market will take our products and we’ll keep investing. We’re not bullish about our business, but we are confident. We’re keen to show a bit of prudence, but we’re fact-tracking our business from an embryonic stage to make it a mature business of a decent size.”
He revealed that while the UK remains its key market, it had also become the largest supplier of PET plastic sheets to Iceland, where the fish industry in that country uses it for packaging for fish.