A recycling and waste management business is launching a new manufacturing facility with funding from responsible finance provider Merseyside Special Investment Fund (MSIF).
Jem Recycling & Waste Management Limited provides comprehensive waste and recycling services to dispose of packaging, office and hazardous waste. Services include waste segregation and disposal, facilities management and the provision of equipment and personnel.
The business has built up a solid customer base throughout the UK since being set up in 2013 by Phil Robinson; he was later joined in the business by sales director Debbie Richmond.
Jem Recycling has raised an investment package totalling just over £160k. This includes £100k from MSIF through funds from Responsible Finance’s Regional Growth Fund programme and The North West Fund for Micro Loans together with the company’s own investment and asset finance.
The finance will fund the fit out of the manufacturing facility and working capital which has been used to recruit seven new staff.
Mr Robinson said: “One of our clients was sending 300 tonnes of fabric offcuts per year to landfill. We are always looking at ways to innovate and came up with the idea of manufacturing this waste into new products and estimate around 200 tonnes can be used.”
“We are a forward-thinking business and we came up with an idea of how to divert a significant amount of the fabric from landfill. We have now set up a manufacturing operation in Runcorn which produces a high quality range of Bean Bags, Throws and Cushions. New products are expected soon including pet beds and foot stools.”
“MSIF have been really helpful. They provided lots of help with the application process and support through training schemes.”
MSIF investment director Paul Humphray said: “Adding the manufacturing facility was a great idea. It will provide Jem with an extremely profitable new income stream and provides an environmentally friendly solution to waste disposal. The expansion to the business will create around 20 new jobs in total which is something we are always keen to support and we are really pleased to have backed the company.”
The company is on target to turnover £1m this year and it is anticipated this will grow to £1.3m the following year.
MSIF provides funding of up to £2million to SMEs around the Merseyside area. Set up in 1996 to promote economic growth in the region by addressing the funding gap, MSIF has since invested funds totalling £139million in 1,450 businesses. This funding has created and preserved around 13,700 jobs and brought in £251million investment from the private sector on the back of its own investments.