Lovell Recycling is aiming to increase the amount of recycled materials it send to Asia after getting funding.
The Telford company has secured £1.64 million from Santander Corporate & Commercial that it will use to increase capacity, recruit more staff and invest in new technology.
With 70 per cent of the firm’s material currently exported, it expects revenue to grow by 200 per cent in 2014 with most of this coming from its exports of paper and cardboard and hard plastics to destinations including China, Hong Kong and Malaysia.
The firm plans to increase its capacity from 10,000 tonnes of material per year to 20,000.
Founder Ng Lovell said: “Lovell Recycling has grown very quickly, and I’m particularly delighted that relationships in China and markets such as Malaysia are continuing to prove so valuable. There is strong demand for recycled materials and Lovell Recycling is right at the centre of this growing global industry.”
