Nearly £6 million in funding was secured for a fridge recycling plant in Gateshead,
Gap Waste Management, which is part of the family firm, the Gap Group, has said it secured £5.7 million in funding from private equity firms SQN Capital Management UK, Bridge and York Capital Partners, as well as through a mixture of other loans.
The Gap Group, based in Gateshead, said the plant will be capable of processing up to 100 fridges per hour, and is “strategically located”.
Managing director of the Gap Group, Peter Moody, explained he is pleased to be moving forward with the plans after a long planning process.
He said: “After spending what has felt like a long time putting the necessary plans together, we are thrilled to see the funding come through to facilitate what will be a fantastic project and beneficial to so many. This will allow local waste to be treated by local people which is not only fantastic in terms of generating employment opportunities but also great from an environmental perspective”.
Gap Waste noted that it collects more than 100,000 fridges every year, collecting bulk shipments from across the UK and transporting them to the North East. Each collection weighs on average between five and six tonnes. Its largest source of waste arrives from CA sites.
The plant will follow on from a fully automated WEEE plant which the Gap Group built in 2016, as well as expanding an in house CRT recycling facility and reuse plant.
The video below shows GAP Waste collecting large domestic appliances and providing a “complete recycling service” with the recyclate being sold within the material recovery chain.
GAP Waste collects over 100,000 waste fridges per annum and collects bulk shipments and transport across the UK in its fleet, which average around five or six tonnes per load.
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