Re Pet Receives £1.2M Investment
Published On February 10, 2011 |
Re Pet, a Sunderland, UK-based newly formed manufacturer of recyclable plastic sheeting for food companies and supermarkets, has received a £1.2m investment.
The funds were provided by the North East Accelerator Fund, which is managed Northstar Ventures, the Waste & Resources Action Programme’s Accelerating Growth Fund and private shareholders.
A portion of the proceeds from the investment (£800,000) has already been used to buy a machine that sandwiches recycled plastic between thin layers of plastic polymer material, which is then pushed through a die under high pressure to create the plastic sheeting. The firm hopes to make 100 tonnes of material per week with the new machine.
Re Pet also intends to employ around 14 staff over the next two months and expand within its 47,000sq ft factory in Houghton-le-Spring.
Led by Managing director John Forrest, the company makes PET material, which is used to make drinks bottles and is cheaper and much easier to recycle than PVC plastic, which is still used by many retailers.