Waste management business GAP Group North East Limited has received a multi-million pound investment supporting ambitious plans to double in size to over £30m within three years.
The Gateshead based recycling and reprocessing business’s managing director Peter Moody and Ian Bainbridge a director of North Yorkshire renewables and environmental technology investment company Ritchie Bland Energy Limited (RBE), agreed the investment in early December.
GAP’s Peter Moody said: “We’re very excited at the prospect of working with Ian Bainbridge and the team at RBE with their excellent key sector knowledge and experience of making these kinds of strategic investments.”
GAP currently employs 110 people at its Gateshead site and has already invested millions of pounds over the last five years, together with WEEE processing they provide food and organic waste processing and precious and rare earth recycling. It is also one of only three certified waste management organisations in the UK to achieve the WEEELABEX certification, one of the highest accolades in fridge recycling.
Peter said: “This investment represents the culmination of a lot of hard work from the staff and leadership team here at GAP over many years. We’re delighted that RBE has clearly understood our achievements so far and the future potential. It will allow us to push on and rapidly get to the next scalable stage of our growth with our shared ambition to achieve truly national coverage and become the market leader.
“The plans will see GAP expanding the capacity at its site in Gateshead by 4000 square metres, investing in additional materials separation equipment, such as in leading technology that will enable precious metals and other materials to be efficiently reclaimed from recycled circuit boards and other WEEE (waste from electrical and electronic equipment), together with a significant expansion of our fleet of logistics vehicles.
“We will be looking across the UK for opportunities to open and operate new sites as a key part of our commitment to achieving national coverage.
“The electrical waste and resource recovery sector is a rapidly growing and important area of focus which will only increase as precious rare earth metals become more and more crucial to the economy and their reuse to protecting the environment.”
RBE has offices in Richmond and Darlington and a successful background in leading and investing in renewable energy and environmental companies and climate change businesses.
Ian Bainbridge, one of four directors at RBE, said: “We have a lot experience and a great interest in this challenging and growing sector and Peter and his team have distinguished themselves over many years by showing great foresight, determination and prudent reinvestment to put themselves in the position they are in now, poised for further growth.