UK Com-vert to branch out into biofuel production - report
(ADPnews) - Nov 24, 2010 - UK recycling firm Com-vert plans to enter the biofuel market after securing bank loans totalling GBP 225,000 (USD 335,700/EUR 265,700), local daily The Journal (Newcastle) reported on Tuesday.
Com-vert obtained a GBP 100,000 loan from Lloyds TSB Commercial Finance, a unit of Lloyds Banking Group (LON:LLOY), and in August opened a new recycling site. It has also secured an Enterprise Finance Guarantee (EFG) loan of GBP 125,000 from Lloyds TSB Commercial, the daily wrote.
Now the company, which recycles garden waste into compost for organic farms, considers starting to convert solid pieces of garden waste into biofuel.
Com-vert expects to increase its revenue to GBP 500,000 by the end of the year, according to The Journal.