Plastic packaging manufacturer Arvensis, based in Airedale Park in Keighley, has been awarded a £150,000 business loan from Finance Yorkshire to help the company develop its PET recycling operation.
“Due to the rise in plastic prices we were short on working capital to fulfil our substantial order book and operating at a reduced level,” said joint managing director Stephen Dowe. “Our depleted working capital was restricting our growth and we needed a financial kick”.
The company, which has a turnover of £15m, had previously invested almost £1.3m in new plant to double the production capacity of manufacturing recycled PET.
Arvensis supplies packaging to a range of high-profile clients including Morrisons, ASDA and Marks & Spencer.