Recycling Firm Boosted by Increase in Finance
Thu 08 Jan 2015
Castleford based plastics recycling company, REGAIN Polymers, has had a new year boost of £2.5 million in equity from its owner Chamonix Private Equity which has secured £2.5m of new equity finance from its owner, Chamonix Private Equity, alongside the additional well £10m of new debt finance facilities with the specialist asset-based lending subsidiary of Bank Leumi (UK) Leumi ABL.
Currently operating a 50,000 tonne capacity site with 120 employees, its product development laboratory will be entering its first year of operation.
Since Regain was acquired by Chamonix in 2011 a continued period of investment has seen the purchase of state-of-the-art equipment, which has helped it lead the way in innovation in the development of polymer compounds.
Regain Chief Executive Martin Marron said:
“We are delighted to have secured this additional investment from Chamonix which will enable us to continue to expand and enhance the capacity, capability and reliability of our manufacturing plant. We aim to grow and accelerate our ambitious new product development programme to remain a leader in our sector.
“The new facility will enable us to provide additional research staff and specialist laboratory equipment, allowing us to continue to innovate at a pace in the development of high specification compounds, for a wide range of applications from available recycled materials.
“Our employees and customers will take assurance from our investors’ confidence in Regain. Suppliers will also take comfort from our strengthened balance sheet.”
Andrew Hartley, Chamonix partner, added:
“This investment demonstrates our confidence in Regain and in the wider polymer manufacturing sector.”