Liberal Democrat deputy leader and shadow chancellor Vince Cable MP, today visited 2K Manufacturing, the innovative Luton-based recycling company in which Foresight is an investor, where he recognised the importance of the facility to the UK’s emerging green economy, whilst acknowledging that Britain needs to do more in the way of environmental investment.
As well as demonstrating the technological advances being made to recycle the UK’s waste plastic and the positive impact the company’s work has on the environment, 2K Manufacturing’s chief executive Omer Kutluoglu highlighted the issue of the difficulty in obtaining adequate bank financing that many of the UK’s green manufacturing businesses are encountering which prevents them from growing or even getting started in the first place.
Commenting after his visit, Vince Cable MP said: “Small and medium sized businesses have a vital role to play in our economic recovery and 2K Manufacturing is an excellent example of how innovative and entrepreneurial solutions are driving the UK's green economy. Unfortunately, the Government and UK banks are not currently doing enough to financially support this sector's growth.”
Adds 2K co-founder, Omer Kutluoglu: “We’re delighted that someone as high profile as Liberal Democrat deputy leader Vince Cable has shown an interest in our state-of-the-art recycling process. The UK has mountains of mixed plastic waste, the majority of which goes into landfill each year and cannot currently be recycled. Our unique process allows us to take up to 30,000 tonnes of waste plastic a year, in our Luton plant alone, and recycle it back into something useful that can be used again and again.
“Despite the difficult business environment for young companies, the potential opportunities are endless.”