Supporting British businesses

Our SME Lending team supported recycling plant Textek in its ambitions to divert a staggering one million mattresses away from landfill each year.

The funding was provided in three parts. The initial deal, worth £1.9 million, funded the recycling plant, with two further instalments of a combined value of £250,000 financing a fire suppression system to meet new health and safety regulations and an improved dust extraction system for staff welfare. 

With the support of our financial package the plant is now able to process a mattress in around 30 seconds.

The team at Paragon stripped it back to basics and came up with a straightforward approach. I have a long-standing relationship with the team and would not hesitate to work with Paragon again.

How we helped

Steven Birch, Director of Textek, said: “The Textek recycling plant provides a genuine answer to resolve the growing issue of large waste ending up in landfill. The development and design of the plant was incredibly complex, and it was important for me to get a funder on board that was able to provide a simple funding solution despite the scale of the project.

“The team at Paragon stripped it back to basics and came up with a straightforward approach. I have a long-standing relationship with the team and would not hesitate to work with Paragon again, which is why I approached Paragon for funding for further developments to the recycling plant.”

Terry Lloyd, Head of Construction said: “This was a considerable deal, with many moving parts as it was funded through stage payments due to the scale of the project.

“It’s been great to support Steve with the creation of such an innovative product, which addresses a genuine sustainability issue for the long-term and offers a solution that has the potential to transform the way large items are disposed of in landfill.”

Find out more about how we can support your business on our Asset Finance page.