WRAP appoints ten new lessors to eQuip

24 April, 2008

Ten new lessors have been appointed to the existing ten financial institutions already signed up by WRAP to guarantee residual value to investment in recycling plant through its equip scheme.

The scheme, which originally struggled to secure a handful of lessors when it launched in 2004, has guaranteed nearly 360 assets to date with a value in excess of £21million. These assets are responsible for diverting 3.5million tonnes of waste from landfill, says WRAP.

Ian Wardle, head of business support at WRAP, said he expected the demand for residual value guarantees (RVGs) to grow rapidly over the next few years. The extended panel of lessors would help the recycling sector keep pace with this demand.

The scheme offers RVGs on plant and machinery to lessors able to provide operating leases to recycling businesses. WRAP determines the eligibility and level of support to be provided based on the type of asset and purpose for which the asset will be used.

Negotiation and agreement of specific lease terms is then left to individual applicants and lessors to work out. The full list of 20 lessors are listed below.