UK-based plastic recycling firm Closed Loop has announced its plans to develop five plastics recycling plants in the UK. Closed Loop has hired financial advisers UBS to raise £30m to be used to develop a facility on Deeside where the company plans for the next phase of expansion.
Closed Loop managing director Chris Dow said that they would target conurbations for their expansions, reported by letsrecycle.com.
“We are looking for up to five plants and they would be situated throughout the UK to ensure that we are able to regionally close the loop,” Dow added.
As part of its plans to develop new plants, Closed Loop intends to benefit by setting up a 50,000 tonnes-a-year capacity plant at Deeside in North Wales, which would reprocess plastic bottles into material suitable for new bottles and food grade plastic.
The company expects to begin work on the new plant by next year and to commence rPET and rHDPE production by the end of 2011.
A spokeswoman for Closed Loop confirmed that support for the Deeside plant may also come from the Welsh Assembly Government.
Mr, Dow also noted that there would be enough availability of feedstock in the UK market to support their plans of expansions.
“There are 216,000 tonnes of bottles out there, according to Recoup, but what we have got is a situation where 70% of those bottles are believed to be exported,” Dow concluded.