A Valleys recycling business is doubling in size and creating more than 70 new jobs after securing growth finance from NatWest.
Dragon Recycling Solutions, has secured a £414,250 funding package from the bank to purchase new premises after outgrowing its previous two rented sites, with plans to more than double the size of the company in the next six months.
The Rhymney firm, which recycles plastic, utility meters and hazardous materials for clients including Honda, Cadent and National Grid, has used the finance to purchase a 43,000 sq ft industrial site in Tafarnaubach, Tredegar.
The new premises, a former government training centre, will undergo a six-week demolition process to remove the internal structure of the building and create a large, open space for the sorting, refurbishing, testing, distribution and recycling of Utility meters and associated equipment.
The business also secured £266,000 of finance from NatWest as part of the Coronavirus Business Interruption Loan Scheme (CBILS) to safeguard the future of the business and further funding from the Welsh Government, 海角视频 Steel and the Development Bank of Wales to create 71 jobs in the next six months, strengthening its team of 53 staff.
Founded in 2006 by Mick Young and Wayne Hoskins, Dragon Recycling Solutions specialises in reducing gas meters down to bare components and handling hazardous materials including lithium thionyl chloride batteries and liquid mercury.
The business also stores viable assets to be reused in new meters, recovering or recycling 100% of the meter to reduce waste going into landfill.
Over the next five years, an estimated 52 million meters will be replaced by smart meters, resulting in a large volume of product that will need to be safely recycled.
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Director Mr Young said: “The funding provided by NatWest has enabled us to win new contracts during the Covid-19 lockdown, as well as purchase a new site to house our brilliant team, which is working hard to undertake all of the new work.
“We founded the firm to recycle materials as sustainably as possible and we are proud of the processes we have developed to remove dangerous materials from the waste stream. Our innovative approach has continually attracted clients since we launched.
“We are now looking forward to finishing renovations at our new site which will accommodate our growing team and meet our needs as an expanding business as we take on more recycling projects.”
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Karen Flicker, relationship manager at NatWest, said: “Dragon Recycling Solutions is a wonderful example of a successful business.
"Our support has helped the company manage the challenges of lockdown and in the purchase of their its premises. We are confident that the business will continue to grow over the next six months as it moves into its new space.”