Lawrence Recycling and Waste Management of Kidderminster will create over 70 jobs as a result of securing investment of £10 million (US$14.4 million) to complete the development of The Forge, a recycling facility that the company claims will be the largest of its kind in Europe.
The Forge is expected to open by the middle of this month. When fully operational the facility will be capable of processing as much as 250,000 metric tons of commercial, industrial and construction waste a year.
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left to right: David Lawrence – Managing Director, Lawrence Recycling & Waste Management; Andrew Ferguson – AAMGC; Calvin Williams – Financial Director, Lawrence Recycling & Waste Management; James Grenfell – Orbis Partners LLP |
A financier James Grenfell, who also invested in the business, originated the deal backed by Aberdeen Asset Managers Growth Capital, Barclays Bank plc, and Advantage Transition Bridge Fund.
Lawrence Recycling and Waste Management purchased The Forge, a 210,000 sq ft Brownfield site 18 months ago and has already invested more than £1 million in the facility.
David Lawrence, managing director of Lawrence Recycling, said, "We are pleased to have secured the funding to complete this project, which has been our ambition for the last four years."
'There is a significant opportunity for Lawrence to develop it's business further with local businesses and significantly increase the amount of recycled commercial and industrial waste that is currently landfilled in its entirety. We will also be creating more than 70 jobs in the West Midlands, which has to be good news in these difficult times’.