Vertal backed for £5m
Waste recycling company receives investment for a new plant
Food waste recycling company Vertal has been backed for £5m to build a recycling plant in London.
The company has received investment from asset management company Foresight to build a new plant that will convert food waste into fertiliser. The produce can then in turn be used as an alternative to petrochemical fertilisers. Vertal has gained planning permission for the project and the factory, which will be built in Mitcham, south east London, will be capable of processing over 70,000 tonnes of waste food a year. The site will be ready in just one year’s time and then the company hopes to build a further nine plants throughout the UK. Currently, 15 million tonnes of food waste are sent to landfill every year, and with an escalating Landfill Tax and government pressure focused on reducing landfill, the company feels that its occupies a space in a growing market. “This investment gives us the necessary financial firepower to put our first plant into operation and will enable us to fulfil our ambitious future expansion plans,” said managing director Leon Mekitarian. © Crimson Business Ltd. 2009