Plastic recycling business secures £6m funding facility
Independent SME funder, Bibby Financial Services (BFS), has provided a £6m funding facility to Bright Green Plastics Ltd, a plastic recycling specialist with over 100 years of combined experience in the industry.
The West Yorkshire business was established in 1992 as a subsidiary of the LINPAC Group Ltd, and in late 2019 they were acquired by the investment corporate AIAC. Based in Castleford the company operates from a state-of-the-art site and are the UK's leading producer of compatibilised recycled polyolefin compounds.
Chris Farnworth and Danny Monksfield, of Bibby Financial Services’ Corporate team, were able to swiftly structure a £6m funding facility to provide the business with the flexible working capital it needed to support the company’s ambitious growth goals.
Steve Spencer, Director, Bright Green Plastics Ltd, commented: “The new funding from BFS will provide the business with the working capital needed to continue with our expansion into Europe. We were impressed by the level of flexibility that BFS were able offer, particularly in the current climate. We’re very happy to partner with the team as we take the business into the next phase of growth.”
Chris Farnworth, Corporate Manager, Bibby Financial Services, said: “The team at Bright Green Plastics have a wealth of experience and are highly respected as industry leaders. We were delighted to be able to structure a deal that offers the business a flexible funding solution - enabling the company to extend their offering into new markets and achieve their exciting growth ambitions. The deal was completed at the height of the pandemic, which is testament to the team at BFS and our continued commitment to supporting SMEs ”