The Recycling Fund is a 5 million venture capital fund targeting small businesses in the recycling sector in the UK and recently received state aids clearance from the European Commission. Impax is the investment management subsidiary of London-based Impax Group plc which has broad experience in funding projects and business deals within the environmental sector.
Ian Simm, managing director of IAM said: “We are delighted to be selected by WRAP to manage The Recycling Fund. This appointment enables us to build on our venture capital experience managing funds for the International Finance Corporation, and further extends our assets under management.”
Nigel Taunt, Impax Group finance director, explained that the company's work had previously been in the oil business and had seen it with an operating loss of just over 1 million for the year ended 30 September 2002. “The plan now is to exit the oil sector and build our financial services within the environmental sector.”
Reality
Mr Taunt said the approach taken for the recycling fund would contain an element of saying “we are here to support the recycling industry”. But, he emphasised: “Backing losers won't get us anywhere. We cannot support projects which are based more on enthusiasm than harsh commercial reality.”
Impax can draw on Mr Taunt's experience in the waste and recycling sector. He has previously been finance director of Yorkshire Environmental and has involvement with other environmental activities renewable energies. Past involvement in the waste and recycling sector has seen Impax involved in HLC 32m Neath Port Talbot integrated waste project, the Waste Recycling Group's Allington energy from waste project as well as financial work with packaging waste compliance scheme Valpak.
Impax's environmental sector work is in two parts. One is a corporate finance advisory service and the other is a fund management side.
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