Buyer moves in for Closed Loop Recycling

Date Published: Wednesday 6th May 2015

Closed Loop Recycling – the biggest UK supplier of rHDPE for use in the manufacture of milk bottles – has been bought out of administration by Dubai-based investment firm Euro Capital and will be renamed Euro Closed Loop Recycling.

The company has reported losses in recent months due to challenging trading conditions and a drop in the price of oil.

They have been in talks with dairies and retailers assuring they would still uphold their commitments to source recycled polymers.

There has been a climb in the value of oil recently, however this came too late to prevent Closed Loop from entering administration. The future will now be decided by whether or not they can continue to supply recycled polymers at a competitive price to virgin material.

Managing director Chris Dow will now take on the role of chief executive. He has commented “We are delighted that Euro Cap has come on board. The number one priority for us and our investors is to continue to support the Dairy Road Map in the UK. In the last eight weeks, the industry has shown real commitment to recycled HDPE content. This deal offers the potential for the supply chain to meet this obligation of 30% recycled content, but this will only happen if the retailers enforce this through the whole of the supply chain.”

The situation at Closed Loop echoes the difficulties being felt across the plastics recycling sector. All 120 jobs at the plant are set to remain and Euro Capital has pledged an ongoing investment programme to support the business. 

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http://www.letsrecycle.com/news/latest-news/buyer-moves-in-for-closed-loop-recycling/ 

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