First company hoping to benefit from Finance Cornwall
One of the first companies hoping to benefit from Finance Cornwall is Green Glass UK, a Wadebridge-based firm that recycles glass bottles into a range of wine goblets, tumblers and liqueur glasses.
The company, which has just returned from demonstrating its award-wining products at the Johannesburg Earth Summit, is hoping to secure £25,000 from Finance Cornwall’s Business Loan Fund towards a £231,000 investment in a new production line.
The total investment is expected to create six full-time jobs and three part-time posts once the production line is in operation.
Glenn Slade, who set up Green Glass UK in 2000, said: “We’re selling our products through a range of gift shops and retail outlets, and include the Eden Project and the World Wide Fund for Nature (WWF) among our customers, and there was considerable interest at the Earth Summit.
“We now need to invest in new machinery to keep up with demand and boost production to 40,000 glasses a month. We’ve been working on assembling a funding package and have approached Finance Cornwall to see how the Business Loan Fund could help with our investment.
“Finance Cornwall will hopefully be playing a very important role in the funding of our future manufacturing plant, the Business Loan Fund provides small businesses with a way of bridging the finance gap between the total project cost and the amount of money commercial banks are prepared to lend.”
Finance Cornwall Investment Director Darren Gowling, who has been dealing with the Green Glass funding application, said: “Green Glass produces superb products from materials many of us normally throw away and the company is experiencing huge demand. We’re delighted to be in a position to help and hope to finalise arrangements through the Business Loan Fund in the coming weeks.
“In the longer term, we would like to see small local businesses like Green Glass progress through the Finance Cornwall Mezzanine and Equity funds as they grow and prosper, creating more jobs and generating wealth within Cornwall.”
Green Glass collects its raw materials from local restaurants and hotels and has an arrangement with local breweries and cider makers to re-use empty bottles returned from licensed premises.
The Green Glass production method involves cutting wine, beer or mineral water bottles in half, removing the base and reattaching it to the inverted neck of the bottle to produce a range of wine glasses and goblets.
Alternatively, the lower half of the bottle can be used to produce a tumbler. The glass can also be sandblasted with a wide range of designs or corporate logos.
Last year Green Glass UK was named Recycled Product of the Year in the prestigious National Recycling Awards. Judges applauded the company’s “brilliant and innovative use of waste glass bottles by turning them into unique and functional drinking glasses.”
Finance Cornwall funds are managed by Alliance Fund Managers Ltd which is regulated by the Financial Services Authority in the course of investment business.
For more information contact:
Green Glass UK
Trenance Industrial Estate
Objective One Partnership Office
Truro TR1 2UD