Greater Manchester business PVC Recycling has received a £500,000 grant from The North West Fund for Energy & Environmental.
The company, which recycles PVC mainly from demolished buildings, will use the funding to expand current activity. It plans to do this by developing satellite depots around the UK and increase exports to Europe.
Founded in 2007 by owners Ian and Joanne Murray, the company is successful mass-processing the waste PVC so that it is fit to reuse in manufacturing, while reducing the carbon footprint by 94 per cent compared to virgin PVC.
The fund is managed by 350 IP and its investment director Michael Bakewell will join the board of PVC Recycling.
Ian Murray said: “We’ve established a great working relationship with the team at 350 IP and the funding will allow us to get underway with our exciting growth plans.
“We are experiencing an increase in demand from Russia and other parts of Europe for our recycled products. The funding will enable us to reach out to those markets and take on new staff as the business continues to expand.”
Michael Bakewell added: “This is an exciting new investment for us and we can see the huge opportunities in the recycled PVC market in the UK and internationally.
“Not only does the recycled PVC reduce our carbon footprint, it is much cheaper than virgin PVC while offering the same performance levels.
“The company has spotted a huge gap in the European and wider global market, especially following the uptick in availability of the product. We look forward to working with the company as it enters a crucial stage of growth.”