Santander funding for Lovell Recycling will drive Asian export growth

Midland firm Lovell Recycling is aiming to increase the quantity of recycled materials it exports to Asian markets after securing £1.64 million in funding from Santander Corporate & Commercial.

The Telford firm also plans to develop new facilities and create additional jobs on the back of the funding deal.

Run by founder Ng Lovell, Lovell Recycling has grown significantly on the back of strong demand worldwide for recycled plastic waste.

The firm, which is forecasting growing its revenue by 200 per cent in 2014, is a waste management service which purchases hard plastics, cardboards and similar materials and recycles them for a large range of clients.

The business has developed strong trade links with clients across the UK and Asia – particularly in China, Hong Kong and, recently, Malaysia – who require high-quality recycled raw materials to manufacture goods.

Around 70 per cent of the firm’s output is currently exported.

Demand has been so strong Lovell is investing £1.64 million to increase capacity, hire more staff and invest in new technology.

The firm is forecasting it will be able to handle 20,000 tonnes of recycled goods after the new funding has been implemented, up from 10,000 tonnes in 2014.

It is also looking to increase the number of staff it employs from 15 to 20, a rise of 33 per cent, to cater for growth.

In addition to providing financing support, Santander Corporate & Commercial was able to support Lovell Recycling’s export ambitions via its online Trade Portal solution, which offers information and guidance on overseas markets.

Ng Lovell said: “Lovell Recycling has grown very quickly, and I’m particularly delighted that the relationships in China and markets such as Malaysia are continuing to prove so valuable. There is strong demand for recycled materials and Lovell Recycling is right at the centre of this growing global industry.”

Sukh Nat, relationship director, Santander Corporate & Commercial, said: “This is a fast-growth business that exports 70 per cent of its products abroad, and is a great UK success story. We’re delighted to be supporting the team at Lovell, particularly with regards to increasing its export aspirations.”