Waste Management Firm To Expand Recycling

Just Recycling Ltd., based in Leeds, UK, is a step closer to its goal of becoming the largest independent waste management business in Yorkshire following a £480,000 investment in the firm made by The Recycling Fund.

The deal is the second, and largest, investment made by The Recycling Fund, a £5.5 million venture capital fund set up by the Waste & Resources Action Programme and managed by Impax Asset Management Ltd.

Just Recycling Ltd specializes in the recycling of commercial and industrial wastes, including waste from construction and demolition sectors. Materials recycled include aggregates, paper, wood, glass, plastics and metals. The company also collects waste through its subsidiary, AERO, and processes the majority of the collected waste at LEO, a licensed waste treatment and transfer station in Armley, Leeds. Just Recycling Ltd currently handles more than 120,000 metric tons of waste each year.

The investment will enable the company to expand both organically and via acquisition. It has already contributed towards the acquisition of the Bradford Waste Transfer business from the Associated Waste Management Group. This will provide an extra 75,000 metric tons of waste handling capacity each year. Just Recycling Ltd will also now be upgrading its existing Materials Recycling Facility in Leeds.

Founded in 2001 by Tim Shapcott, an experienced waste professional who is the company's managing director, Just Recycling Ltd was financed initially by a group of more than 30 investors who have invested more than £1 million in the business.

"The Recycling Fund investment will help us to realize the company's expansion plans and enable us to significantly increase the amount of materials we recycle," says Shapcott. "We are looking forward to building the business and strengthening our position in the region."

Marion Bernard, Senior Investment manager at Impax, comments: "The Recycling Fund was attracted to this company as it had a professional management team with ambitious, and realistic, expansion plans. Unlike other funds, The Recycling Fund is dedicated to the recycling sector and therefore understands the market opportunities."

The Recycling Fund will own 13 percent of the business and has introduced a non-executive director with extensive waste sector experience, Allan Mackay, to act for the Fund on the Just Recycling Ltd board.