Alusid, the University's only spinout company, receives £1.13m funding
A Preston-based company has raised more than £1 million to support further development of premium-quality tiles made almost entirely from recycled industrial waste.
Alusid, a University of Central Lancashire (UCLan) spinout company which is based on Roman Way, has raised £1.13 million in investment to continue its work in creating new glass and porcelain items from old, unwanted manufacturing materials.
The financial injection has included £500,000 from Octopus Investments.
Proceeds from the fund raising will be used to support Alusid’s expansion into new product ranges and territories.
The company, which was created by two UCLan academics, is developing hard-wearing floor tiles, which are expected to launch commercially this year, and is in discussions with potential distributors in Scandinavia and Northern Europe.
"This is an important year for Alusid as we launch our first 98.5% recycled, low carbon floor tile, expand our geographical reach and seek to become a public company"
— Alusid CEO Dr Alasdair Bremner
It is also exploring options for an initial public offering later this year.
Alusid CEO Dr Alasdair Bremner, who started the business with the now retired ceramics Professor David Binns, said: “We are delighted with the investment and support from Octopus and look forward to working with them going forwards. This is an important year for Alusid as we launch our first 98.5% recycled, low carbon floor tile, expand our geographical reach and seek to become a public company.”
Dominic Weller, Octopus Investments’ Fund Manager, commented: “We are excited to support entrepreneur Dr Alasdair Bremer and the team in scaling Alusid to establish sustainable tiles from recycled waste as the industry standard. We have been impressed with the progress the team has made and are looking forward to working together.”
The investment from Octopus caps a successful year for Alusid. Topps Tiles, the UK’s number one tile retailer, launched its first range of Alusid-made tiles, called Principle, made from a minimum of 91.3% recycled material, a level among the highest in the industry. Further product launches through Topps are expected.
"We have been impressed with the progress the team has made and are looking forward to working together"
— Dominic Weller, Octopus Investments’ Fund Manager
Alusid has also developed a successful relationship with Starbucks EMEA and its tiles can now be found in coffee shops across Europe and the Middle East. Other customers include H&M, Pret a Manger, the BBC and the Stonehenge Visitor Centre.
The company has also collaborated with Imerys, a world leader in specialty minerals, to develop the floor tiles, which comprise some 60% of the total tile market in the UK.
Alusid is also supported by Frontier IP Plc, which owns a 34.5% stake in the company.
Frontier IP Chief Executive Neil Crabb added: “The investment from Octopus represents important validation for Alusid, its capital-efficient business model and the quality of its products, made from a minimum of 91% recycled material, among the highest levels in the industry, if not the highest. The company is a leader in the industry globally and is set for a very bright future.”
The Alusid Board held its latest board meeting in UCLan’s Engineering Innovation Centre recently.
