i-plas management team (l-r): Grahame Hall, Howard Waghorn, Gavin Wray and Alan Wilson.
iplas attracts major investment
Published: 27 October, 2010
HALIFAX: i-plas, manufacturer of high-performance recycled plastic products for the construction industry has attracted £2.5m in new investment from green venture capital investor, the Foresight Group.
The injection makes the new i-plas management team much better placed to achieve its aim of almost quadrupling turnover, from the current £4m to £15m, in the next four years.
i-plas chief executive Grahame Hall said: “We’ve been at the forefront of mixed plastic recycling since our formation in 1999, with our success in the construction industry being due to a unique waste processing technology, which we developed and continue to enhance.
“We’ll use most of the Foresight money to invest in new equipment and expand our capacity, as the market grows and demand for our products increases.”
Foresight invests in environmental infrastructure, including that relating to recycling and biomass, plus solar power in continental Europe and the UK. It was named Venture Capital Trust of the Year last month in the Investor All Stars Venture Capital Awards.
Giles Whitman, Foresight’s representative on the i-plas board, said: “The company has made significant progress since our initial investment in 2008 and is now at the forefront of plastics recycling in the UK. This new investment will enable the experienced management team here to drive the business even further forward and help it become a dominant force in the recycled building products market.
“The deal is another example of our role in developing the infrastructure the UK needs to meet its landfill diversion and recycling targets, and we look forward to providing further funding to continue i-plas’ expansion in the future.”