A MULTI-million pound expansion has boosted a North Yorkshire company that turns used tyres into cash.

Selby-based waste disposal company Midco Waste Management Ltd, part of Credential Environmental, secured a large bank loan to fund a new warehouse and extra tyre processing equipment at its site at Breighton aerodrome in Bubwith.

The company recovers tyres from collectors and shreds them before selling the result as either lining for landfill sites or rubber crumb for all weather sports surfaces and carpet backing and underlay.

The business has already seen rapid expansion. It has doubled its turnover in the last 12 months and hopes to treble its current turnover over the next few years.

To help the business grow, Credential Environmental has received a loan from Bank of Scotland Business Banking.

Ciaren Leaden, the financial director of Credential Environmental, is himself a former bank manager.

He said: "I have been very impressed with the way Bank of Scotland Business Banking handled the financing needs of our business and in particular the way it grasped our aims and recognised our growth potential."

Updated: 11:52 Friday, December 05, 2003