The company, which is a supplier of recycling boxes and food waste bins to local authorities, describes itself as a “plastic injection and extrusion moulded product manufacturer”.
Plans for the recycling unit came as part of a trading update to investors which explained that the facility was possible because of changes made at the existing site in Haydock which had made some losses in the last financial year, ending April 2018.
However, the company said in its trading update that in the half year to October 2017, the group reported just a small loss of £7k on sales up 10.8% to £11.9m.
Revised
Now Coral Products (Mouldings) has reported that the group has made an operating profit in each of the four months to April 2018 – which means that it will “meet the revised expectations of break-even for the current year”.
As a result, after what it described as “some extensive investigation”, the company took the decision to invest in the plastic recycling unit, which it says will contribute towards financial performance at the end of this financial year (April 2019).
Currently at the Haydock site, the company regrinds plastic to make recycled products, but will now look to take used plastics back from customers to recycle. “The pricing strategy is yet to be decided and further details should be announced in due course,” Coral said in a statement.
Process
As well as taking its own products back, the facility, according to Coral Products (Mouldings), will also take a range of other plastics, providing they can be re-used in its own products.
The facility will be housed on its Haydock site, which is where a range of recycling boxes, kerbside collection and food waste products are made.
Discussions have begun with some councils and waste management companies which could see bins and other plastic products which are replaced end up at the facility as well. The company says this will enable it to become a “360 circular economy efficient business”.
Discussions
Adam Thackeray, national account manager and specialist in recycling at Coral Products (Mouldings), said: “It is still early days for the facility, so it is difficult to expand on expected tonnages at the moment. We have held positive discussions with local authorities, waste management companies and other companies about potentially buying back products for a fair price which we can then use in our products again.
“This can be any plastic, we want to help our customers recycle their plastic and help to spread the message that if dealt with correctly and disposed of in the right way, plastic doesn’t have to be all bad.”
Mr Thackery added that Coral Products (Mouldings), has also partnered with a plastics cleaning company to ensure that any material used is of the highest possible quality.
As well as Haydock, Coral Products (Mouldings), also has facilities in Wythenshawe, Greater Manchester and a distribution facility in Hyde.
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