This new site will allow the company, which specialises in recycling electronic waste, to safely breakdown and recover ferrous and non-ferrous materials along with difficult-to-recycle rigid plastics, allowing the business to sell the raw material to manufacturers to be used again in new products.

The site – which will be powered 100% by green energy generated by onsite wind turbines – will open next year, creating 50 jobs in the local area over the next year and a half.

Ben Foster, relationship director at HSBC UK, said: “We are delighted to support GAP Group North East with their continued growth strategy.

“The expansion into Scotland is a positive step which will contribute greatly to the circular economy with the new site in Perth supporting the reduction of recycling exports in Scotland overall.”

Peter Moody, director at GAP Group North East, said: “We have worked with HSBC UK for two years and the team continue to provide support, taking the time to understand our industry and the needs of our business.

“HSBC UK has helped us to secure the site in Scotland, which has allowed us to expand our recycling plants north of the border.”

GAP Group Northeast was founded in 2005 and is now one of the largest electrical waste processors in the UK, with 150 employees. The business’s other divisions include fridge recycling facilities in England, processing Waste Electrical and Electronic Equipment (WEEE) derived plastics, general haulage and logistics.