Trowers advises Yes Recycling on sale of shares to Wm Morrison Supermarkets Limited
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COP26 may have finished but, as we have been told, the hard work of implementing what was agreed starts now.
We were therefore pleased to have advised Yes Recycling on the legal agreements for the establishment of a plastics recycling facility in Fife and a strategic equity investment by supermarket chain Morrisons. Through this deal Morrisons will become the first UK supermarket to have an ownership interest in its recycling operations, a key step towards its sustainability goals.
The Fife site will be the first of its type in the world and will reprocess 'hard-to-recycle' plastics such as chocolate wrappers, crisp packets, and food film – into plastic flakes and pellets. Feed stock for the manufacture of new plastic products.
Corporate Partner, Adrian Jones commented:
"We are pleased to have advised Yes Recycling on this landmark deal. The Fife plant will become a flagship venture in the circular economy, not only recycling plastic that would otherwise have gone to landfill, but also producing innovative Ecosheet boards from the output. It will also bring jobs to the Fife area.
Omer Kutluoglu, Co-Owner of Yes Recycling, said:
"This is a ground-breaking site which uses new patented plastic recycling technology, which we’ve developed over the last seven years. It will not only be able to recycle soft plastics into raw materials for new products but will produce Ecosheet boards, a sustainable alternative to wood which can be used in the construction industry, for facias and many other purposes. I would like to thank Trowers & Hamlins for their pro-active and pragmatic help throughout the process."