4th April 2023
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£150,000 loans have allowed a Wetherby-based IT recycling firm to expand its recycling facilities, hire new people and safeguard jobs.
Zixtel Ltd, founded over 26 years ago, received the loans from Business Enterprise Fund and NPIF – BEF & FFE Microfinance, which is managed by BEF (Business Enterprise Fund) and FFE Microfinance, and part of the Northern Powerhouse Investment Fund.
Specialists in IT recycling for businesses with redundant equipment, Zixtel expanded its services to include a recycling plant during the pandemic. With a mission to never send anything to landfill, Zixtel was dismantling all products by hand prior to the investment.
Toni Cox, HR and compliance manager at the firm, commented: “The loan has helped future proof Zixtel, as well as giving us the ability to hire five new people in our warehouse and recycling teams as well as safeguarding two jobs. Plus, the investment into new machinery will enable us to help other businesses with their environmental goals long-term.
“The new machines have helped us to improve efficiencies, allowing us to recycle more equipment at a quicker rate. We can now easily separate materials such as precious metals and these then go on to be recycled further and re-introduced to the market lessening the need for mining of raw materials.”
According to research from Uswitch, the UK produces the second highest amount of e-waste per capita in the world, with IT and telecoms e-waste almost doubling in the UK between 2008 and 2022.
Mark Iley, investment manager at the Business Enterprise Fund, said: “It’s more imperative than ever that businesses do what they can to support the future of our planet – with Zixtel’s improved separating and recycling facilities, they’re offering companies peace of mind that their IT equipment can be recycled ethically and without sending anything to landfill.
“At BEF we’re committed to supporting businesses who are conscious about their own social impact, so providing the loan to Zixtel to enhance their recycling services and support their recruitment initiatives made perfect sense.”
Sean Hutchinson at the British Business Bank said: “Supporting innovative and sustainable businesses like Zixtel is at the heart of what the Northern Powerhouse Investment Fund is for. It’s businesses like this that are the driving force of the Northern business community – contributing to the nation’s net zero goals through its expertise in recycling, whilst supporting the local economy by creating jobs and expanding its facilities.”
The Northern Powerhouse Investment Fund project (NPIF) is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Business Enterprise Fund is authorised and regulated by the Financial Conduct Authority (FRN: 726237)
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