United Kingdom – Closed Loop Recycling – the UK’s largest supplier of recycled HDPE for use in the manufacture of milk bottles – has been acquired by Dubai-based investment firm Euro Capital after having earlier gone into administration. Under the deal, which was concluded for an undisclosed sum, the business will now be known as Euro Closed Loop Recycling Ltd.
As reported previously by Recycling International, Closed Loop had been hard hit by the sharp drop in oil prices and subsequent decline in recycled polymer values. Closed Loop’s managing director Chris Dow is quoted as saying of the acquisition: ‘We are delighted that Euro Cap has come on board. The number one priority for us and our investors is to continue to support the Dairy Road Map in the UK.’
And he adds: ‘In the last eight weeks, the industry has shown real commitment to recycled HDPE content. This deal offers the potential for the supply chain to meet this obligation of 30% recycled content, but this will only happen if the retailers enforce this through the whole of the supply chain.’
Closed Loop opened its facility in Dagenham to the east of London some seven years ago with a recycling capability of 35 000 tonnes per annum.