ThinCats, the leading fintech lender for mid-sized SMEs, today announces it has completed a growth funding facility for Plastecowood, the pioneering manufacturer specialising in sustainable products.
Based in Bodelwyddan, North Wales, ‘Plastecowood’ turns recycled plastic into ‘Smartawood’, a range of plastic profiles made from recycled plastic as an ecological alternative to wood. Plastecowood’s specialist team takes plastic waste from household collections, and reprocesses the plastic to produce long-lasting plastic lumber called ‘Smartawood’. ‘Smartawood’ can be used for an ever expanding range of products including: park benches, picnic tables and decked areas. Plastecowood offers a bespoke design and build proposition enabling customers to receive Smartawood product assembled to their own specification. Plastecowood has produced potato boxes, potato growing boxes, industrial carrier frames, pallets, planters, enclosures and shelters and many other products.
Plastecowood offers waste producers and waste management contractors an almost unique opportunity to engage in sustainable circular or closed loop practices by providing Plastecowood with suitable waste plastic input material and then buying back product they would buy in the normal course of business: bollards, pallets, tables, benches, fencing, decking, boardwalks etc. Closing the waste loop both reduces the carbon footprint and diverts tonnes of material from landfill and reduces disposal costs.
Having established a strong product offering, Paul Segal, commercial director, looked at the company’s next stage of development. Paul needed to increase manufacturing capacity and reduce borrowing costs. He approached ThinCats directly, who, after liaising closely with the Plastecowood team, successfully funded a growth facility that will enable Plastecowood to boost their production rate with additional manufacturing capacity.
Paul said: “The drive to recycle in the UK has taken a long time to gain traction, especially within the manufacturing industry. Plastecowood offers a unique proposition using low grade recycled plastic that would otherwise be destined for landfill and our customers are recognizing the benefits of the product – no maintenance, long-life, extremely robust and attractive and the opportunity to enhance their environmental credentials and complement their CSR programmes.
“Our product proves that there is a sustainable solution to our plastic waste problem within the UK and that it’s cost effective. We need to see more companies endorsing these innovative solutions that will put the UK at the forefront of sustainable economics.
“That’s why it was great to work with the team at ThinCats who saw our company’s potential and were proactive and flexible about providing financial facilities that suit our growing business model.”
John Brooks, director, regional business development for London and the South West at ThinCats said: “Right from the start, we could see the potential impact of this product upon the wider market. You have to invest to make change, and at ThinCats we believe that it’s important companies like these get the funding they need to grow and shape the future of business within the UK.”