Recycling firm scales up with six-figure investment backing

A North East recycling business is scaling up its operating capacity and turnover after securing a six-figure investment from the North East Growth Capital Fund Loan Fund supported by the European Regional Development Fund.

GAP Group, which was founded in 2005 and has its headquarters based in Felling, currently manages fridges from retailers across the North East, North Yorkshire and Southern Ireland, recycling both the physical components as well as the gases used.

The £250,000 investment was secured through NEL Fund Managers via the Coronavirus Business Interruption Loan Scheme and is now expanding its site facilities to cover more than five acres in total.

Up to 20 new jobs will be created, taking its local workforce to over 100 staff. Expansion of facilities at its Felling site will also pave the way for the processing of smaller domestic appliances with the aim of increasing turnover from £8m to £14m.

Mark Curry, FD of the Gap Group, said: “Managing the whole life of appliances like refrigerators is an increasing priority for both manufacturers and retailers, and being able to offer them an almost
‘zero landfill’ solution makes our offering extremely attractive to them.

“Taking on this extra space and capacity will enable us to accelerate our growth plans and give us room to grow knowing that we’re going to need it in the coming years.

“We know there are many opportunities out there, both by building on what we currently offer and introducing new procedures and services that will fill emerging gaps in the recycling market.”

Find out more about the North East Growth Capital Fund.