A market-leading Leicestershire firm is on track to double production at its Narborough headquarters after securing funding from Yorkshire Bank.
K2 Polymers recycles for more than 90% of the UK's reinforced hosepipe manufacturers, and is a leading recycler of pipes and control cables used by the offshore oil and gas industry worldwide.
The family owned and run firm, which was founded in 1988 by Kevan Kirby, has recently invested approximately £500,000 in a hi-tech reprocessing machine with support from Yorkshire Bank's Leicester Financial Solutions Centre (FSC).
The new machine allows K2 Polymers to safely control everything that is extracted from the piping materials including volatile fumes, oil and sea water.
Kevan, who is also managing director, is expecting turnover to increase from £2.5 million to around £3.5 million this year.
"We're reprocessing materials from all over the world right here in Leicestershire, from piping used in the North Sea to the Gulf of Mexico and Brazil," he said.
"We've been at the forefront of recycling complex fibre and steel reinforced plastics for many years and investing in the new machine has further strengthened our position and will enable us to double the production we do on site.
"Up to 100% of the products which are dealt with on-site are recycled and sold back to a variety of industries – very little goes to waste."
K2 Polymers, which employs 27 people, also has a second UK site strategically located near the riverside in Newcastle-upon-Tyne to collect piping coming in from the North Sea and further afield. The Newcastle site is managed by Kevan's son Gavin.
Kevan said the on-going support of Yorkshire Bank was central to the continued expansion of the firm.
"We've worked with Yorkshire Bank for many years and the team there has played an instrumental part in the growth of the company over the years," he said.
"They've helped us with investment in a variety of bits of kit during this time, and also when we purchased our unit and launched the operation in the North East.
"We pride ourselves on being very much a family run company and being second to none in our specialist field. The future of the company is looking very bright following this latest expansion."
Steve Evans, business banking partner at Yorkshire Bank's Leicester FSC on New Walk, said K2 Polymers has grown and grown after establishing a large client base with many blue-chip firms.
"Kevan and his family have worked extremely hard to make K2 Polymers a huge success story and I'm pleased to have played a part in the continued growth of the firm," he said.
"The company is at the forefront in its industry with an impressive order book and is in a strong position to grow even further following this investment."