The Gateshead-based company has used the funding to build a fridge recycling plant near Perth.
The new site will process ferrous and non-ferrous metals alongside difficult-to-recycle rigid plastics. It will be 100% powered by green energy generated by onsite wind turbines.
The fridge recycling facility is due to open in 2026 and will create 50 new jobs over the next year and a half.
Peter Moody, director at GAP Group North East, said: “We have worked with HSBC UK for two years and the team continue to provide support, taking the time to understand our industry and the needs of our business. HSBC UK has helped us to secure the site in Scotland, which has allowed us to expand our recycling plants north of the border.”
Ben Foster, relationship director at HSBC UK, added: “We are delighted to support GAP Group North East with their continued growth strategy. The expansion into Scotland is a positive step which will contribute greatly to the circular economy with the new site in Perth supporting the reduction of recycling exports in Scotland overall.”
Founded in 2005, GAP Group North East focuses on the processing of electronic waste including fridges, Waste Electrical and Electronic Equipment (WEEE) derived plastics, general haulage and logistics. It currently has 150 employees.
Yesterday (29 January 2025), waste company Enva also announced plans to build a new fridge recycling facility. Located in the south of England, it will service London and the South East of England. The site is due to be operational within the second half of 2026.
Interested in finding out more about Waste Electrical and Electronic Equipment (WEEE) recycling? Come to the Letsrecycle.com WEEE Conference in London on 12 March 2025. Find out more and buy tickets here.
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