Greener Surfacing – a company that harvests old road surfaces and uses a hot recycling process to produce new quality asphalt – is planning to expand its operations in the north west after receiving a loan from Business Finance Solutions (BFS).
The firm is the first to benefit from BFS’s newly launched £3 million North West Fund for Micro Loans after receiving a sum of £49,500.
It is managed by BFS and the Merseyside Special Investment Fund (MSIF) and has been closely tailored to the investment needs of the region’s businesses. The £3m fund provides loans of £25,000 to £50,000 to businesses at all stages, whether they are just starting up or looking to expand.
Greener Surfacing, which spent two and a half years researching and developing its patented recycling method, sells asphalt to local authorities and contractors for use in roads, pavements and car parks. It is currently the only company in the UK exclusively trading in recycled asphalt commercially.
Based in the Kingfisher Business Centre in Rawtenstall in Lancashire, the business has already recycled and sold over £200,000 of road planings and will be using the loan to set up an additional plant in the north west. Owner Nick Antrobus (pictured) also has plans in place to develop additional production sites across the UK and to create a range of new factory and office based jobs as the business expands.
He said: “As well as having a positive impact on the environment, recycled asphalt also costs considerably less than a new road surface. We have spent almost three years developing our manufacturing process and have already established a solid client base and a very scalable business.
“The Micro Fund loan will now enable us to spread our recycling operations across the north west, while keeping our business headquarters in Rawtenstall. This enables us to establish a much stronger position within the industry and to capitalise on the potential we see for our business to expand and diversify, creating jobs and economic growth for the north west.”
Paul Breen, director of BFS, added: “We want to make it easier for people to access the finance they need to start up or grow the kinds of businesses that will help the economy thrive. We know there is a real appetite for this level of investment of between £25,000 and £50,000, especially for those companies who may not have been able to secure funding from traditional lenders.”
