Friday, May 14, 2021

Seven-figure funding package secures jobs at Lincs plastics recycler

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.

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £27.55 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.


Latest posts

Plans in for £15m food storage facility in Lincolnshire

Plans have been submitted for a £15m development which will create up to 50 new jobs at a business park on the south bank...

The modern changes to the financial world explained

The financial world as we know it has undergone digital changes to its systems over the last twenty years. Indeed, it is almost unrecognizable...

New Urgent Treatment Centre opens in Lincoln

As part of the transformation of emergency care at Lincoln County Hospital, patients needing urgent care are now being treated in a new £3.5...

Lincoln Science Park secures £10m to accelerate second phase of development

A £10m funding package has been secured to begin developing the next stage of Lincoln Science & Innovation Park. This follows its success in...

Lincoln Pride cancelled for second year running

Sadly, Lincoln Pride has been cancelled for a second year running because of COVID-19. The event, which offers a safe space for the county’s vibrant...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.