Coffee recycler secures £1.2m investment

By Dan Colombini contact

- Last updated on GMT

Bio-bean is the largest recycler of waste coffee in the UK
Bio-bean is the largest recycler of waste coffee in the UK

Related tags: Finance, Drinks

A UK-headquartered manufacturer and recycler of waste coffee grounds is looking to further grow its business after securing a £1.2m investment.

The boards of Gresham House Renewable Energy Venture Capital Trust (VCT) 1 plc and Gresham House Renewable Energy VCT 2 plc have confirmed the investment into the firm, bio-bean, which is the largest recycler of waste coffee in the UK.

The investment, split 50/50 between the two VCTs and including respectively £800k of equity and £430k of debt, will further enable the company to upgrade and expand its capacity in order to improve efficiencies and execute its business plan.

Final part

This investment represents 30% of the £4m funding round announced by bio-bean in April 2019. The Gresham House VCTs’ investment forms the final part of that round, and values bio-bean at £7.6m

Bio-bean is seeking to achieve both geographical expansion into mainland Europe and to launch new products in the flavour and fragrance market.

Bio-bean will utilise the same model for recycling waste coffee grounds in mainland Europe, working in co-ordination with various international partners within its value chain.

Bio-bean has a unique proposition and hard asset backing, meaning it fits very well within our existing sustainable investment portfolio​,” said Bozkurt Aydinoglu, investment director at Gresham House and co-manager of the VCTs.

We look forward to seeing the fruits of the team’s labours as they build scale and diversify their product portfolio​.”

New opportunities

The Gresham House investment team also said that it remained on the look-out for new opportunities to put capital to work in the clean technology space, seeking to help the UK’s transition to a low-carbon economy.

Bio-bean was advised on this transaction by European investment bank ClearlySo.

The move follows a spate of recent investments in food and drink firms within the UK.

As previously reported by Food Manufacture​ earlier this month, Wrights Food Group completed a £7m investment programme​ at its manufacturing sites in Crewe, supporting the creation of new jobs and new contracts.

Also, The Classic Mineral Water Company has completed a multi-million pound investment into production at its factory in Lurgan​, Northern Ireland.

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