Motherwell tyre recycling business to double up with £370,000 funding package

A Motherwell-based tyre recycling business is aiming to double up after securing a £370,000 funding package.

UK Rubber (UKR) is utilising the working capital facility provided by Reward Finance Group to invest in vital machinery, bolster production and increase its workforce by 30 per cent to meet its growth targets. The firm is targetting a 92 per cent increase in revenues over the next 12 months. The deal was brokered between Reward and UKR by asset finance specialist Michael Savage at Glasgow-based Channel Finance.

Dave Ashurst, chief executive of UKR, said: “We’ve always been a business that continually innovates and invests in cutting-edge processes, machinery and the people needed to meet the UK’s environmental waste management challenges. The funding facility provided by Reward gives us the working capital to do just that and transform the business at pace from an enhanced productivity, efficiency and job creation perspective. It promises to be an exciting 12 months ahead for UKR and we’re fully geared for growth to combat the 50,000 tonnes of waste tyres in the UK each year.”

Brian Machray, business development director for Reward Finance Group in Scotland, added: “UKR is a real success story within environmental waste management across Scotland. The finance provided to UKR is also a significant milestone as it represents the largest deal we have done in Scotland since launching here earlier this year.”

UKR is said to have made “giant strides” in tackling the environmental issue of waste tyres being disposed of in landfill, since legislation banned the landfill of whole tyres from 2003 and shredded tyres from 2006.