Waste company J&B Recycling has raised a multi-million investment from an independent fund to expand.
Business Growth Fund (BGF) has backed the Teesside-based recycler with £7.5m growth capital in return for a minority equity stake and a seat on the board for a BFG director.
J&B will use the funding to develop an additional recycling facility in Middlesbrough for treating commercial waste, as well as supporting further expansion at existing facilities that treat household waste.
The company operates two materials recycling facilities in Hartlepool and a waste transfer station in Middlesbrough.
“J&B has always viewed itself as an innovator within the industry, from our early days of recycling glass bottles to the development of our state-of-the-art materials recycling facility,” said managing director Vikki Jackson-Smith (above).
“This investment will further enhance our reputation as we look to collect, recover and recycle more and more waste to put to new uses.”
BGF said J&B operates in a sector that is “subject to strong regulatory growth drivers”, with EU and UK government policy aiming to divert as much waste as possible away from landfill sites.
The investment company, which is backed by Barclays, HSBC, Lloyds, RBS, and Standard Chartered, said it aimed to support the growth of businesses in the UK with packages of funding between £2m and £10m.