Close Brothers provides £1.2m CBILS loan to Orthios
Close Brothers Asset Finance has provided a £1.2m Coronavirus Business Interruption Loan Scheme (CBILS) asset finance facility to waste and recycling firm Orthios, and is considering a further significant facility.
The first loan will enable a 200,000 metric tonne recycling facility to be built, creating 55 new jobs; this will recycle waste and separate the non-recyclable polymers to then go into the new ‘plastics-to-oils’ facility.
The second will contribute to the purchase of equipment that will turn the left-over waste biomass into gas that can eventually be processed to a carbon-zero fuel, and will create a further 10 jobs.
Chris Prior, area sales manager for Close Brothers Asset Finance’s specialist waste and recycling team, said: “This is a genuinely exciting project to be involved in because it started with a vision to turn a former aluminium smelting site into one that accommodates a range of modern, sustainable, environmental businesses that function together in a circular economy.
“We’re delighted and proud to play our part in Orthios’ journey, which has seen the creation of multiple new, highly-skilled roles in an area that really needs them at a time of significant uncertainty for many.”
Sean McCormick, chief executive of Orthios, added: “This is a really innovative time for the waste and recycling sector because we are using technological developments to push the boundaries of what we are able to reclaim and re-use.
“Clearly, there are significant costs involved, which is why we are so pleased to have Close Brothers Asset Finance on board as an enlightened funder.
“Not only do they have a long history of working in this sector, but also adopt a partnership approach, advising and providing expert insight.”