Close Brothers Asset Finance has provided a £1.2m Coronavirus Business Interruption Loan Scheme (CBILS) asset finance facility to Anglesey-based Orthios, one of the UK’s most innovative waste and recycling firms; a further significant facility is currently being considered.
The first loan will enable a 200,000 metric tonne recycling facility to be built, creating 55 new jobs. This will recycle waste and separate the non-recyclable polymers to then go into the new ‘plastics-to-oils’ facility.
The second loan will contribute to the purchase of the equipment that will turn the left-over waste biomass into gas that can eventually be processed to a carbon-zero fuel, and will create a further 10 new jobs.
Chris Prior, Area Sales Manager for Close Brothers Asset Finance’s specialist Waste and Recycling team: “This is a genuinely exciting project to be involved in because it started with a vision to turn a former aluminium smelting site into one that accommodates a range of modern, sustainable, environmental businesses that function together in a circular economy.
“We’re delighted and proud to play our part in Orthios’ journey, which has seen the creation of multiple new, highly-skilled roles in an area that really needs them at a time of significant uncertainty for many.”
Sean McCormick, Orthios’ Chief Executive Officer: “This is a really innovative time for the waste and recycling sector because we are using technological developments to push the boundaries of what we are able to reclaim and re-use.
“Clearly, there are significant costs involved, which is why we are so pleased to have Close Brothers Asset Finance on board as an enlightened funder. Not only do they have a long history of working in this sector, but also adopt a partnership approach, advising and providing expert insight.”
About the site - Orthios has selected four core businesses to develop on site:
- Material Recycling Facility (MRF)
- Plastic to Oil (P2O)
- Waste to Energy (W2E)
The large-scale core businesses create large volumes of biproducts which are then used to catalyse other supplementary businesses.