Skipton Business Finance has provided six-figure support for a Lancashire-based company that has developed a baling wire made totally from recycled plastics.
As a result of securing funding from the nationwide capital solutions provider, Sigma Polymers, which offers supply solutions to the plastics manufacturing and conversion industry, has embarked on an accelerated business growth journey.
Sheffield-based baling wire manufacturer, D R Baling approached Sigma Polymers with the goal of incorporating recycled content into their existing plastic baling wire, which runs in conjunction with their steel baling wire production they have done for over 60 years.
After further consideration, Sigma Polymers business development manager, John Mills recognised the potential for crafting a baling wire made entirely from recycled plastic.
The business aimed to not only divert plastic from landfills by using recycled polymer, but transform it into a powerful tool for the recycling industry. In doing so, establish a turning point for the sector by providing an alternative to the very high carbon footprint of the historically used steel. The funding also enables Sigma Polymers to recycle any off cuts or waste from the plastic wire production; meaning they’ll only produce recycled wire – no longer the historic wire made from prime. This innovation has now been nominated for the Earthshot prize 2025.
John Mills, business development director at Sigma Polymers, said: “When D R Baling approached us, we saw the wider picture and an opportunity in the market to not only revolutionise it, but create a product which can be used to dramatically reduce carbon emissions and create a sustainable future for our children, which is something I am very passionate about.
“We turned to Skipton Business Finance because we not only needed an agile funding solution to speed up the product development process, but we wanted a lender that understands our business and fully buys into our vision of creating a more sustainable alternative from the traditional steel baling wire.
“Our relationship with DR Baling has really supported both businesses in their growth journeys. We’ve worked together more recently to create a cut and loop system for use by smaller manual balers This has already generated interest from supermarkets in Europe and Canada; whilst DR Baling is investing in a new extrusion line to ensure they have the capacity to meet growing demand.”
Skipton Business Finance says it looks to provide invoice factoring and invoice discounting funding solutions to businesses with ambitious growth plans.
Kent Broomhead, relationship manager for Skipton Business Finance, said: “The baling wire is a game-changer for the waste management industry and has placed Sigma Polymers as a true environmental champion, which aligns perfectly with our undertaking, as a business committed to supporting sustainable initiatives within our client base.
“We work across a diverse range of businesses over a variety of sectors. However, to be able to align the core business values of Sigma Polymers with those of the Skipton Group, which we are a part of, gives us a real sense of satisfaction. We share their commitment to sustainability, and fully support John and his team with the development of this innovative green product. We look forward to continuing our partnership as they continue to develop innovative solutions for a greener tomorrow.”
