Impact Solutions secures £1.19 million loan from Bank of Scotland
Impact Solutions, a Grangemouth-based provider of technical testing and analysis, has acquired a new facility in Livingston to help transform its operations with the help of a £1.19 million loan from Bank of Scotland.
Founded in 2002 as a spinout from BP Chemicals, the firm is an independent materials and accredited testing laboratory that specialises in plastics, failure analysis and product development.
The business also has a strong focus on recycling innovation and works to solve the issues recyclers face when dealing with mixed plastics. This work helps to increase the quality and quantity of recycled material on the market, while the firm’s Scottish Plastic Recycling Centre of Excellence offers technical support to the Scottish recycling industry.
With the business now employing 41 people and seeking to embark on new projects, the firm acquired a new facility in Livingston with the support of a £1.19m funding package from Bank of Scotland.
The new 27,500m² facility gives Impact Solutions room to significantly scale up its operations and help it pursue new ventures including Project RECORD, which will see the firm develop a new industry-led standard to verify recycled content. Project Treepac, which aims to reduce plastic pollution through biodegradable tree guards, will also operate from the new facility.
Eight new staff will also be hired as a result of the move.
Bank of Scotland also supported Impact Solutions with a £250,000 Coronavirus Business Interruption Loan (CBIL) in June 2020 to help the business manage the challenges of the pandemic.
Kevin Ross, managing director at Impact Solutions, said: “Our base in Grangemouth has served us well since we commenced operations in 2002. But as we look to expand and pursue new projects, we knew a new facility was a necessity and the Livingston facility will enable us to double our capacity.
“We have a long-standing relationship with Bank of Scotland and their support with this endeavour has been greatly appreciated. While we were not as adversely affected as other businesses during the pandemic, they helped us considerably with a CBIL in June and the acquisition of the new facility would not have been possible without their continued support.
“Now we are eager to put the building to use and push on with our new projects over the coming months.”
Stuart McNaughton, relationship manager at Bank of Scotland, added: “With the Scottish government recently announcing a new Recycling Improvement Fund and affirming its commitment to achieve a 70% recycling rate by 2025, businesses like Impact Solutions are set to play a vital role in this push for a more sustainable Scotland.
“We are happy to have supported the business acquire the new facility in Livingston and look forward to seeing how they use the new space to transform their operations over the coming year.”