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Plastics recycler secures £5m for multi-site expansion

Recycler 2K Manufacturing has secured £5 million investment from the Foresight Group for multi-site rollout of plastic recycling plants.

The plants will manufacture a plywood board substitute, the Ecosheet, from mixed plastics, with the first plant planned to be operational this year.

Foresight Groups funding is part of broader plans to rapidly expand 2K Manufacturings capacity.

This announcement marks the second venture into funding plastics recycling companies for Foresight as it was one of the investors behind the building and growth of Closed Loop London last year.

Foresight partner Andrew Page said: "2K is one of a small group of leading companies in the field of waste plastic recycling, with its product addressing very large markets and offering a compelling proposition - cost savings and performance benefits as well as the obvious green credentials. The company has strong partners in the construction industry which give it a significant head start in capitalising on the opportunities which lie ahead."

2K Manufacturing chief executive Omer Kutluoglu said: "This milestone funding agreement enables us to fully implement our multi-site business strategy, with our first mass-production facility to open later this year. We are delighted to have teamed up with one of the UK's leading environmental investors, and enthusiastically welcome Andrew to the Board of Directors."

 

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