Lawrence secures £10m for one of UK's largest MRFs
11 February 2009
Worcestershire-based company Lawrence Recycling & Waste Management has landed £10 million in funding to help develop a skip waste recycling centre in Kidderminster capable of handling 255,000 tonnes of waste a year.
The plant - which is being developed on the site of a former forge works - is intended to treat recyclable material from commercial and industrial waste and is expected to be the largest of its kind in Europe.
Its 255,000 tonne-a-year capacity would make it one of the largest MRFs in the UK upon completion, ahead of 250,000 tonne-a-year capacity facilities being run by Greenstar UK at Aldridge outside Birmingham and Bywaters at Bromley-by-Bow in East London. However, both Viridor's MRF at Crayford in Kent and Powerday's facility at Willesden Green are larger still, with a 500,000 tonne-a-year capacity and a 1.6 million tonne-a-year capacity, respectively.
David Lawrence, managing director of Lawrence Recycling & Waste Management, said: "We are pleased to have secured the funding to complete this project, which has been our ambition for the last four years.
"There is a significant opportunity for Lawrence to develop its business further with local businesses and significantly increase the amount of recycled commercial and industrial waste that is currently land filled in its entirety," he added.
According to Lawrence Recycling, Worcestershire-based financier James Grenfell secured the £10 million funding for the company from Aberdeen Asset Managers Growth Capital (AAMGC), Barclays Bank plc, and Orbis Partners LLP, as well as the Advantage Transition Bridge Fund. Mr Grenfall now joins the board of the company.
James Grenfell, senior partner at Orbis Partners LLP, said: "It has become increasingly difficult for companies, even good ones, to attract investment in this challenging economic environment. However, this investment demonstrates that there is still financial support available for well-run businesses with good management teams, and a strong strategy for growth."
"There is no doubt that the Lawrence recycling facility will become a showpiece for other waste operators," he added.
Land for the Forge Recycling Centre - as the facility will be known - was purchased 18 months ago, with £1 million already being invested into developing the site. The company is hopeful that the site will be fully operational by June 2009.
Conservative Party leader David Cameron visited the site when the project was announced in March 2008 (see letsrecycle.com story), and labelled the proposal "very impressive" and commended Lawrence Recycling on tackling the commercial and industrial waste stream.
Lawrence Recycling & Waste Management is known regionally for its skip-hire service, said that it expects the opening of the Forge facility to generate 70 jobs in the area.