Highland Spring Group is to reduce its use of PET plastic with help from a £55.5 million bank funding package.
The natural source water producer aims to decrease its use of PET (polyethyene terephthalate plastic by 20% and increase the recycled PET content of its bottles to 50%.
The group, which also bottles the Speyside Glenlivet and Hydr8 water brands, is also using the finance to build in a railway siding adjacent to the main bottling plant in Blackford, Perthshire, so it can transport goods more sustainably.
This will reduce the carbon footprint of the business by significantly reducing its road miles. The group bottles more than 600 million litres of water a year at Blackford, Moray, Lennoxtown and south Wales, and employs around 470 staff.
The financing from HSBC UK includes asset-based lending and debt refinance.
Highland Spring Group chief operating officer Mark Steven said: “HSBC UK’s funding has been instrumental in enabling the Highland Spring Group to continue to develop and implement innovative projects which support both our operational strategy and our environmental ambitions.
“As a responsible company, we are committed to investing in solutions which will make positive changes across our business and advance our focus on providing healthy hydration in an environmentally sustainable way.”
Ross Keenan, relationship director at HSBC UK, said: “We are proud to support businesses in the UK that are developing innovative new ways of better serving the environment and Highland Spring Group are a fantastic example of a business that is committed to developing a truly circular plastic economy in the UK and reducing its carbon footprint.”
Highland Spring Group is the UK’s leading producer of natural source bottled water, employing approximately 470 people at Blackford, Moray, Lennoxtown and south Wales.