Luxus ltd, the East Lincolnshire-based independent plastics compounder and recycler has secured a funding boost from HSBC UK to assist the business in continuing operations during the COVID-19 crisis.
Luxus is a major regional employer and will use the seven-figure funding package from HSBC UK to ensure it can adapt to changes in its supply chain.
During the COVID-19 lockdown, Luxus was identified by the government as a key service, as the company uses its specialist knowledge, innovation and technology to recycle existing plastic materials, such as food packaging and plastic storage containers, into new sustainable, high performance thermoplastic product.
As businesses around the world have experienced disruption to their supply chains, Luxus has continued its operations, notably the production of repurposed plastics that have been used in the production of Coronavirus testing kits and personal protective equipment (PPE).
Whilst Luxus continues to provide this key service, many of their key commercial relationships remain in stasis. This led to the firm furloughing 80 members of staff and operating the business at around 50 per cent capacity. The funding has helped to ensure job security for employees across the business throughout this period.
Peter Atterby, Managing Director of Luxus, said: “We have worked in close partnership with HSBC UK for many years, and it was great to see this partnership in action with the fast turnaround of a CBILS loan when we needed it most.
“This support has allowed us to continue to deliver support products to the front line at the height of this crisis.
“I am confident that this support has placed us in a good position as we collectively look to how we address rebuilding the economy.”
Dan Wilson, Relationship Director for HSBC UK, added: “We’ve worked with Luxus for over fifteen years. Whilst trading in almost every market remains unsettled, we’re confident that Luxus has the relevant skills to adapt, recover and continue providing a valuable service.”
Founded in 1965, Luxus employs 160 full time members of staff with an approximate turnover of around £30m.