The Deeside, North Wales-based paper recycling business collects waste paper, polythene and plastics from commercial customers in the region. The materials are then graded and processed before being sold for reuse.

Gordon Anderson, managing director at Paperback, said the funding line would boost its production so it could double its operations over the next five years.

The company, which was founded by Anderson 14 years ago, has 14 staff and a turnover of £2m. Its clients include UPM and Kimberly Clark.

"Many of our production processes have been manually run but the funding from Absolute's Invoice Finance facility means that we can invest in industry-leading technology," Anderson added.

"This will double the business in size over the next five years and increase the quality in tonnage that we are able to provide to our loyal customer base."