Fridge recycler gets ‘eight figure’ funding for rigid plastics plant

Gateshead-based recycling and haulage business GAP Group is to buy a 50,000 sq ft polymer and metal plant to separate the plastic components of waste electrical and electronic equipment (WEEE).

The funding – an undisclosed amount, but described as "eight figures" – was obtained from HSBC UK. The plant is due to be ready at the end of May, creating 20 jobs.

GAP said the machinery would enable it to safely breakdown hard-to-recycle rigid plastics, melt them and sell the raw material on to manufacturers instead of sending them abroad as in the past.

"The team at HSBC UK have really taken time to understand our industry and support the needs of our business," said director Peter Moody (pictured).

"It has been fully invested in our goals to achieve both a circular solution and net zero, and we look forward to celebrating this milestone and continuing our relationship with them."

GAP said it handles some 2,000 fridges a day and recycles around 80% of the materials involved, with only a small percentage going to landfill.

Other divisions include recycling cooling units, processing WEEE-derived plastics and general haulage and logistics.