Bottle recycler makes last-minute plea to save business

The owner of the UK’s largest milk bottle recycler has said the company will face closure this week unless more favourable agreements with suppliers and buyers are sealed.

Afzal Majid, a shareholder of Euro Closed Loop Recycling Ltd, sent a letter addressed to 'UK recycling industry stakeholders' on 3 July in which he indicates the business was facing “considerable difficulties”.

This came just over a month after Majid’s investment firm Euro Capital took over Euro Closed Loop Recycling, then Closed Loop Recycling. The recycler has struggled to keep afloat amid increased price competition from virgin polymers as a result of declining oil prices.