Green venture capital investor Foresight Group has committed £2.5m to plastic recycler i-plas, expected to help quadruple its turnover across the next four years.
i-plas, which makes outdoor and street furniture and a range of plastic products for the building and construction industries from waste plastic, plans to raise turnover from the current £4m to £15m by 2014.
Its chief executive Grahame Hall explained: “We’ll use most of the Foresight money to invest in new equipment and expand our capacity, as the market grows and demand for our products increases.”
Foresight’s representative on the i-plas board, Giles Whitman added: “The company has made significant progress since our initial investment in 2008 and is now at the forefront of plastic recycling in the UK. The new investment will enable the experienced management team here to drive the business even further forward and help it become a dominant force in the recycled building products market.”
In the picture (l-r): Grahame Hall, chief operating officer Howard Waghorn, sales and marketing director Gavin Wray and financial director Alan Wilson