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The Duo Packaging Group: Tech investors expect two-year payback
Already a packaging innovator, The Duo Packaging Group has now invested in a new company, Duclo Recycling, to support the realisation of a circular economy. Support from HSBC UK enabled them to install equipment that converts post-consumer plastic waste from retailers back to raw pellet form – to be used by the packaging business but also by other manufacturers.
“We’ve invested £3m in setting up the new business in Leeds. The vast majority funded the kit-out of the premises with state-of-the-art plastic waste recycling systems. We’ve also invested in establishing an experienced team of 25 people, and we’re planning to grow this with more hires over the next 12 months.
“We now have capacity to recycle around 7,000 tonnes of plastic waste per year, with plans to double this in the future by adding new plant. We’ve exceeded our own expectations in terms of recycling capacity. We’re firmly focused on ramping this up to provide businesses across the UK with greater access to circular, closed-loop recycling and recycled polythene materials.
“We were impressed by HSBC UK’s approach to understanding our goals, and the time they took to fully appreciate what can be quite a complex business and sector. We’ve felt supported every step of the way.
“Flexibility has been key for us, and HSBC UK have delivered that in terms of a finance package that suits our phased approach to investment and set-up. Forecasts show that we’ll see payback on the initial investment within the first 24 months of operation.”
Dale Brimelow, Director, Duo UK & Duclo Recycling
