County Durham-based plastics waste recycling company Re Pet is to expand its operations after securing second round investment support, including £100,000 from the WRAP Accelerating Growth Fund.
Re Pet was set up in 2010 to recycle waste plastics, turning it into sheeting for use by retailers for product branding and packaging. The company has now obtained total second round investment of £500,000, and plans to invest £1.6m in new state-of-the-art machinery and equipment which will help it double its output.
The WRAP Accelerating Growth Fund is aimed at encouraging growth in businesses and the building of UK infrastructure within the waste and recycling sector.
John Forrest, Re Pet managing director, said: “We’re delighted to have secured such substantial investment which will allow the expansion of our business to be accelerated.”
- WRAP’s vision is a world without waste, where resources are used sustainably. It works in partnership to help businesses, individuals and communities improve resource efficiency.
- Established as a not-for-profit company in 2000, WRAP is backed by government funding from England, Northern Ireland, Scotland, and Wales.
- More information on all of WRAP's programmes can be found on www.wrap.org.uk