Whelan Refining pump in £1.5m
Whelan Refining, the oil recycling company has secured an investment package worth £1.5m from a consortium of investors.
Bridges Community Ventures (BCV) provided £450,000 with the remainder coming from Catapult Venture Managers, The North Staffordshire Risk Capital Fund, The Michelin Fund and Advantage West Midlands.
The company is currently spending £2m on the refurbishment of a disused refinery for £2m.
The project is expected to result in the creation of 25 jobs and recycle 50,000 tonnes of used oil each year when completed in January 2007, the company say.
The oil will be turned into base oil for industrial and automotive lubricants.
John Whelan, managing director at Whelan Refining said: “The technology has developed enormously over the past few years to a point where a plant can refine the used oil to a state undistinguishable from virgin oil.
“We are pleased to have the support of Bridges Community Ventures and our other partners.”
Whelan were advised by BDO Stoy Hayward and law firm George Green acted for Whelan’s management.
Antony Ross, a director at BCV, is joining Whelan’s board as a part of the deal.
© Crimson Business Ltd. 2006